Bitcoin Drops Below $118K: $1.89 Billion in Long Positions Evacuated

A significant shift occurred within the derivatives market on Binance, as Bitcoin’s price plummeted from around $124K to below $118K. This rapid drop led to a 5% decrease in open interest (OI) within just a few hours, indicating many traders rapidly exited positions or closed leveraged bets in response to the price plunge. This sudden change in sentiment marks a shift from bullish optimism to defensive caution. In parallel, $1.89 billion was wiped out of cumulative net taker volume – an indicator often linked to aggressive selling or unwinding of long positions. 💰📉