Leverage remains high with 360,000 BTC worth of OI in the market

The open interest has taken a significant hit when measured in USD, but when measured in BTC, the leverage in the market still seems lofty.
Source: CoinMetrics

The BTC denominated open interest maintains its size of 360,000 BTC, with perps still seeing an open interest above 240,000 BTC.

In other words, the market is still exposed for further significant shakeouts.

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