Bitcoin and Ethereum derivatives markets saw a sharp synchronized open interest reset, led by Binance, as traders appeared to close or reduce leveraged positions across both major assets.

On the chart, Binance recorded one of the sharpest daily reversals since April 2026. BTC open interest change on Binance dropped from +$258 million to -$620 million over the last 24 hours, creating a net swing of nearly $878 million.

Ethereum showed the same pattern almost simultaneously.

On the ETH chart, Binance open interest change fell from +$131 million to -$690 million, marking a net decline of around $821 million within a window of less than 48 hours.

Together, Bitcoin and Ethereum saw a combined Binance open interest swing of roughly $1.7 billion, pointing to a broad derivatives deleveraging event rather than an isolated move in a single market.

The decline was not limited to Binance.

Other major derivatives venues also showed negative open interest change, with Bybit recording around -$116 million on Ethereum and Deribit posting around -$78 million on Bitcoin.

This type of synchronized contraction usually reflects aggressive position closures, reduced leverage, or traders cutting risk after a heavily positioned market.

It does not automatically confirm bearish continuation, but it shows that derivatives exposure has been sharply reduced across both BTC and ETH.

Written by Amr Taha