Bottom line: BNB open interest is declining, but with funding rates positive, shorts were the first to get liquidated over the past four hours. In the short term, simply chasing shorts isn't a one-way bet.
BNB's total crypto futures open interest is about $1.156 billion, down 1.68% over 24 hours. Open interest fell 2.89% on Binance and 3.47% on OKX. Both major exchanges are seeing positions trimmed, so leverage is indeed lower than a day ago.
Over the past 4 hours, $12,800 in positions were liquidated, including $8,164 in shorts, or 64%, and $4,625 in longs. The liquidation volume is modest, suggesting this is more likely position adjustment for now rather than a sharp squeeze.
Be sure to read the funding rate direction correctly: Binance's latest rate is positive at 0.009913%, and OKX's is positive at 0.01%, meaning longs are paying shorts. Shorts are collecting funding, but they took the first hit from liquidations, so be wary of a sudden rebound if chasing shorts.
$BNB $BTC
Do you think BNB is showing leverage unwinding, or a rebound signal after shorts get squeezed?
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