Binance Bleeds $1B in Open Interest, BTC Hangs at $62K Like a Jobless Graduate

Bitcoin held near $62,400 as derivatives exposure unwound across major exchanges, with Binance recording a 7-day Open Interest decline of more than $1 billion. Gate.io had previously seen its own Open Interest drop to roughly -$777 million, underscoring the scale of the latest deleveraging. Spot trading on Binance fell to about $510 million, among the lowest readings in the exchange's history, while perpetual futures activity contracted roughly 22% week-over-week against a 12.7% drop in spot volume.

The composition of that shift has fueled debate among market participants. Binance's spot-to-perpetual ratio Z-score declined to -1.67, a level historically associated with strong spot demand, though the underlying activity suggests the move was driven primarily by collapsing derivatives rather than renewed buying. Coinbase Premium remained negative at around -0.13, indicating that U.S. spot demand had not returned in a decisive manner.

Exchange flow data pointed to easing but unresolved pressure. A surge of inflows to Binance earlier in the sell-off lifted the exchange's 30-day average to 7,600 BTC, equivalent to roughly $479 million in potential sell-side supply, and those inflows have since begun to recede. The combination of falling Open Interest, contracting perpetual volume and slowing deposits has shifted the market from forced deleveraging into a low-activity consolidation phase between $62,000 and $63,000.

Analysts noted that downside liquidity clusters have largely been swept, reducing immediate attraction to the sell side, though the absence of fresh spot demand has left $BTC without the conviction needed to push toward overhead resistance. Until accumulation reappears, the market lacks a clear catalyst to break out of its current range.