Since mid-July, BTC prices have fluctuated significantly between $63k and $69k, resulting in substantial liquidations of long and short positions. When a trader's position is liquidated, open interest decreases.

However, despite considerable position liquidations over the past week, open interest on major exchanges has increased. (Binance, Bybit, and OKX are the top three exchanges, accounting for more than 80% of open interest in the perpetual market.) It indicates that trading demand is increasing, even amid high BTC price volatility.

Written by Yonsei_dent