Open interest on Bybit and Binance slammed during the Sept 7 crash

The global open interest in the bitcoin futures market declined by 22% on September 7th, with Binance and Bybit seeing the sharpest fall.
Source: Skew

Following the September 7th crash, the open interest in the bitcoin futures market fell by 22%, from $18.6 billion to $14.5 billion.

Denominated in BTC the open interest fell from 360,000 BTC to 310,000 following the crash. This was, in other words, a massive deleveraging event, and following the crash, the markets seems more healthy overall.

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