BEARISH 📉 : Forced liquidations cut Bybit open interest 36% as Binance holds steady
Bybit flushed leverage in a sharp XRP sell-off. Binance didn’t. Price is pinned near $1.15.
- Bybit open interest fell to about $181m, down 36% from the $283m peak on May 22, a low last seen on Feb 13 near $180m. CryptoQuant quicktake
- Binance open interest held near $246m, just 2.4% below the recent $252m high on June 2. CryptoQuant quicktake
- Multiple liquidation clusters topped $3.5m, with longs hit hardest. CryptoQuant quicktake
- June 5 futures flow: Binance ~$1.85b, Bybit $727m, OKX $429m, Bitget $423m. Total ~$3.43b across four venues. CryptoQuant quicktake
The rebound from the $1.055 low back above $1.14 (>8%) points to a leverage flush, not pure spot capitulation. NewsBTC analysis
Two venues, one asset, same drop. Opposite derivatives response. The analysis flags Binance as carrying the residual exposure and likely source of the next major derivatives move. CryptoQuant quicktake
Technicals stay heavy. Price sits below the 50/100/200 MAs, with the 50-period near $1.40 acting as dynamic resistance. NewsBTC analysis
Key levels now:
- Support $1.05–$1.10; a clean break opens $0.90–$1.00. NewsBTC analysis
- Reclaims at $1.30, then $1.40 would be the first sign of buyers regaining control. NewsBTC analysis
Headline: Bybit wipes 36% of XRP OI; Binance steady as price holds $1.15