The takeaway first: LINK's total open interest across all platforms fell 2.1% in a day, but major platforms have been adding positions over the past 4 hours. Longs were liquidated throughout the day, but short-term capital is starting to move back in.
LINK's current open interest is about $634 million. Binance saw a 4.8% drop in open interest over 24 hours, while OKX was up 0.78%. Over the past 4 hours, Binance added 2.8% and OKX added 0.96%. The same asset, different timeframes—the direction is already diverging.
Liquidations are shifting gears too: $622,000 liquidated in 24 hours, with about 98% of it coming from longs; in the past 4 hours, just $8,055 was liquidated, and shorts accounted for 76%. Longs are still bleeding on the broader timeframe, but in the short term, those chasing shorts are taking the hit first.
This looks more like leveraged position turnover than a one-sided signal. Would you wait for positions to build back up, or first see which side continues to get liquidated?
$LINK
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