Binance deleveraging
The open interest in Binance’s BTCUSDT perp has seen a substantial fall in the last week and fell by 32,000 BTC from December 5 to December 7, with no meaningful impact on BTC prices, which hovered at around $17k in the period, albeit on a slight downtrend. This combination of large changes to Binance's OI and a lack of price volatility is similar to what was seen last December, leading certain traders to question the accuracy of Binance's OI data. The dampened price impact could also potentially be caused by an OTC transaction between two entities on opposite sides of the market.Preview