Open interest (OI) on Binance has just reached a new high of 8.3 billion USD, up 10.24% in the past 24 hours. The total OI across all exchanges is 23.3 billion USD, meaning Binance accounts for about 35% of the global futures positions.

Monitoring on-chain data from Binance helps capture market trends. This new OI peak may signal an upcoming increase in market volatility. A sudden increase in OI (over 3% in 24 hours) often suggests imminent liquidations in the futures market.

OI represents the total number of open long and short positions. When OI rises sharply, both long and short positions may face greater pressure, leading to liquidations. Monitoring Binance's OI data is crucial for understanding future market trends and preparing for significant fluctuations.