Before yesterday’s decline, the size of futures positions on Binance is at $258.5M.

However, following the sharp drop, $BTC Open Interest (OI) decreased to -$792M in 24h change.

In a short period time, futures positions totaling $1.05B were decreeased, driven by a massive liquidation of long positions and the closing of short positions.

While OI has begun to rise again during the subsequent period of sideways movement, it remains in negative territory when looking at the 24-hour change.

Yesterday’s decline triggered the largest wave of liquidations, and overall position levels have yet to recover.

On the other hand, OI on Gate, OKX, and Deribit has returned to positive territory, with futures positions on these platforms recovering rapidly.

Written by CW8900