Binance OI Reaches New ATH of $8.3 Billion
In the past 24 hours, open interest on Binance surged by 10.24%, reaching $8.3 billion. To put this into perspective, the total Open Interest across all exchanges—including Binance—stands at $23.3 billion, marking a new ATH. This means Binance alone accounts for around 35% of all global futures positions.
Therefore, monitoring on-chain data from Binance can provide valuable insights into the overall market trend.
Conclusion:
The new ATH in Open Interest, with Binance OI hitting $8.3 billion, signals a potential rise in market volatility soon. A sudden increase in Open Interest (anything above 3% within 24 hours is significant) often hints at upcoming liquidations in the futures market.
Remember, the OI metric represents the total number of open long and short positions in the market. Sharp increases in OI suggest that, as volatility spikes, both long and short positions could face increased pressure, potentially leading to liquidations.
Tracking Binance OI data is crucial for understanding futures market trends and preparing for major market moves.
Written by burakkesmeci