Massive deleveraging on Binance and Bybit

The December 4th crash sends Binance and Bybit’s share of the global open interest down towards levels not seen since May 22nd. Binance and Bybit’s combined share of the global open interest plummeted from 41% to 30%.
Source: Skew

We mentioned concerns over Bybit’s growing share of the global open interest in the bitcoin futures market last week. Large spikes in Bybit and Binance’s open interest have tended to be followed by sharp price movements in bitcoin.

Saturday’s intense crash showed once again that it’s wise to be careful when the conviction is high among retail traders on Binance and Bybit.

Link copied to clipboard.