Bitcoin fell 2.76 percent from December 3rd to 9th, dropping from $92,892 to $90,328, but open interest across major perpetual exchanges contracted at vastly different rates. Total OI declines ranged from 2.49 percent to 6.15 percent during the same market move, exposing which platforms experienced controlled unwinding versus forced liquidation cascades.
Binance open interest dropped 2.49 percent over seven days, from $17.51B to $17.07B. This near one-to-one correlation with Bitcoin's price suggests organic position adjustment. Bybit and OKX both contracted approximately 6.15 percent, losing $530M and $330M respectively. Gate.io declined 5.21 percent, shedding $420M. When open interest drops more than twice as fast as underlying price, you're watching forced exits amplified by insufficient order book depth.
Asset-level data reveals sharper divergence. December 9th Bitcoin OI 24h changes showed Binance up 0.36 percent, Bybit up 0.66 percent, OKX up 1.09 percent, Gate.io up 3.46 percent. Ethereum told a different story: Binance up 2.41 percent, OKX up 3.01 percent, Gate.io up 4.09 percent, but Bybit down 0.04 percent despite ETH gaining 1.14 percent over the week.
The critical insight isn't which exchange shows highest 24-hour gains, it's which lost least open interest relative to price decline over multiple days. Binance maintained $17.07B with only 2.49 percent seven-day contraction while competitors experienced 5.21 to 6.15 percent declines during identical conditions, indicating their order books couldn't absorb selling pressure without creating feedback loops that forced additional closures beyond what price action warranted.
Written by Crazzyblockk
