Solana open interest falls to $5.44B, lowest since April 2025
Solana open interest drops to $5.44B. A year of leverage wiped out.
Solana futures OI fell to $5.44B, about 65.12M SOL outstanding, back to April 2025 levels. Coinglass data shows the market reset after last year’s buildup. Source.
From late April 2025, OI climbed from $5–6B, cleared $12B by mid‑July, and peaked around $15–16B in mid‑September when SOL traded above $240. It then unwound through October–November, briefly stabilized in December, and slid again in January–February 2026. Current OI is the lowest since early April 2025. Coinglass timeline. Context.
Solana open interest on Coinglass
Where the $5.44B sits:
- Binance $951.84M, 17.49% share Coinglass
- CME $672.55M Coinglass
- Bybit $617.30M Coinglass
- KuCoin +10.42% 24h OI change, book $402.69M Coinglass
CME’s share shows regulated futures interest persists relative to other venues. Data.
Price‑OI read‑through:
- Rising price with rising OI signals new money and reinforced momentum
- Falling price with falling OI signals a reset and de‑leveraging Reference
Two current takes:
- Bearish: fewer leveraged traders means less immediate momentum support NewsBTC
- Constructive: excess leverage already washed out NewsBTC
