Bitcoin Hits $62K as Binance OI Change Drops to -$1B While Coinbase Premium Stays Negative

Bitcoin fell toward the $62k area on June 23 as Binance recorded a sharp derivatives deleveraging event, with its 7D Open Interest Change reaching approximately -$1B.

The reading marks the deepest visible decline among major exchanges in the recent period and exceeds the previous low seen on Gate.io, where 7D open interest change fell to roughly -$777M on June 6.

Binance’s current drawdown is therefore around $223M deeper, highlighting that the latest reset is concentrated in one of the market’s largest derivatives venues.

The move also represents a major reversal from May 6, when Binance’s 7D open interest change reached about +$676M.

From that high to the current negative reading, the indicator has swung by nearly $1.68B, reflecting a substantial unwind of leveraged positioning as Bitcoin revisited the $62k level.

Liquidation maps add another layer to the setup.

Most of the liquidity clusters that had been positioned below Bitcoin’s price appear to have been cleared during the decline, while larger liquidation concentrations remain above the market.

This does not guarantee a rebound, but it means the downside liquidity that could attract price lower has been reduced relative to earlier sessions.

At the same time, the Coinbase Premium Index remains negative near -0.13, suggesting that U.S. spot demand has not yet returned decisively.

The reading is less extreme than the late-Feb low near -0.25, indicating that selling pressure is not as severe as it was during that earlier period. However, the premium’s failure to move back into positive territory still shows that Bitcoin lacks a clear spot-buying catalyst from U.S. investors.

The current setup points to a market where leverage has been aggressively flushed, but where confirmation of a sustained recovery. A move toward the liquidity pools above price would likely require a meaningful improvement in spot demand.

Written by Amr Taha