Data shows that more than $3 billion was erased on September 23 through Binance alone, followed by over $1 billion just a day later. Bybit also shed $1.2 billion in positions, while OKX recorded a $580 million decline. The sharp reduction is visible in aggregate open interest, which has slumped to its lowest level since early 2024.
As the chart data shows, futures leverage and open interest were closely tied to the price rally in July and August, and at the same time, it declined in lockstep with the price.
Featured image from Unsplash, chart from TradingView
