Bitcoin futures open interest drops 14%
- —Open interest fell by 13,600 BTC on the 12th
- —From August 21 to 31, OI dropped from 331,100 to 318,600 BTC (-3.8%)
- —Funding rate: 0.00821% per 8 hours and 0.00725% per 24 hours
- —Binance's share of OI is estimated at 36-37%, but the methodology is not disclosed
Why it matters: Lower leverage reduces the risk of cascading liquidations, but it remains to be seen whether longs return as funding rises.
Source: TokenPost