Binance Sees Dramatic Drop in Bitcoin and Ethereum Open Interest as Fear Drives Exits

Binance’s Bitcoin (BTC) perpetual open interest has plummeted by 42% in just a few days, dropping from $58 billion to $33.6 billion. Traders are dumping their long positions amid volatility and fear-driven selling. Ethereum (ETH) futures also saw significant deleveraging, with open interest down 8.4% across major exchanges. This marks a dramatic shift in sentiment after October’s bullish optimism that fueled massive long bets at around $98K-$100K for BTC, and similar levels for ETH.