Why Some Exchanges Blew Through $500M+ While Bitcoin Barely Moved
#Bitcoin dropped just 2.76% this week (from $92.9K → $90.3K), but not all exchanges handled it the same. Some saw massive open interest drops, while others barely flinched.
👉 Binance: OI fell only 2.49% → $17.07B. Almost one-to-one with $BTC move. Smooth, controlled adjustment.
👉 Bybit: OI plunged 6.15%, losing $530M. This wasn’t just traders closing positions, it hints at forced liquidations.
👉 OKX & Gate.io: OI dropped $330M–$420M. Their books couldn’t fully handle selling pressure, amplifying exits.
When open interest falls faster than the price, it’s not just normal profit-taking, it’s stress on the exchange. Poor liquidity + aggressive selling = domino effect of forced closes.
Binance shows why deep order books matter. Even in a small #BTC drop, it absorbed the selling without cascading liquidations. Competitors? Not so much.
In short: watch open interest vs. price. It tells you which exchanges are stable and which could amplify market moves.
