Binance Hits $8.3B Open Interest High—Here’s What It Signals For the Crypto Market

Name	Symbol	Market	Market Cap ($)	Algorithm
Binance Coin	BNBUSD	Crypto	106,293,822,328	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Binance Coin

BNBUSD

Crypto

106,293,822,328

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	25.32	3.91%	672.87	672.87	673.16

Price Change

Price Change %

Current Price

Bid Price

Offer

25.32

3.91%

672.87

673.16

High Price	Low Price	Open Price	Prev. Close	52 Week Range
674.57	626.07	647.74	647.55	224.29 - 832.84

High Price

Low Price

Open Price

Prev. Close

52 Week Range

674.57

626.07

647.74

647.55

224.29 - 832.84

Exchange	Last Trade	Size	Trade Price	Currency
BINA	18:45:42	0.031000	672.78	USD

Exchange

Last Trade

Size

Trade Price

Currency

BINA

18:45:42

0.031000

672.78

USD

Price x Volume	Volume	Base Symbol	Related Pairs
33,406,993.11	51,307.58	BNB	BNBEUR	BNBGBP	BNBBTC

Price x Volume

Volume

Base Symbol

Related Pairs

33,406,993.11

51,307.58

Binance Hits $8.3B Open Interest High—Here’s What It Signals For the Crypto Market

08/11/2024 4:00am

NEWSBTC

Binance, one of the world’s largest crypto exchanges, has achieved a new milestone as its open interest (OI) surged to an all-time high (ATH) of $8.3 billion, according to a report by CryptoQuant analyst Burak Kesmeci. This increase, representing a 10.24% growth over the past 24 hours, emphasizes Binance’s substantial share of global crypto futures positions. The surge in OI also highlights Binance’s influence on market trends, given that it now accounts for roughly 35% of all open futures positions across all exchanges globally. The total OI across exchanges, including Binance, reached $23.3 billion, setting a record in the sector, Kesmeci reveals. Implications Of Binance High Open Interest To understand what the increase in Binance open interest means for the crypto market, it is worth first looking into what the term ‘open interest’ means. Notably, open interest (OI) refers to the total number of outstanding contracts in the futures market, encompassing both long and short positions. A rise in this metric often suggests increased trading activity and interest, making it a crucial indicator for market participants. Binance OI Reaches New ATH of $8.3 Billion “Open Interest across all exchanges—including Binance—stands at $23.3 billion, marking a new ATH. This means Binance alone accounts for around 35% of all global futures positions.” – By @burak_kesmeci Link 👇https://t.co/zfnGiGUtKL pic.twitter.com/DfWbZH3tfN — CryptoQuant.com (@cryptoquant_com) November 6, 2024 Kesmeci explained that a significant jump in open interest such as that of Binance—particularly when it exceeds a 3% increase within a 24-hour period—frequently precedes heightened market volatility and potential liquidations. This means that both bullish and bearish positions could come under increased pressure as market dynamics shift, creating potential for major moves across the crypto landscape. The CryptoQuant analyst particularly wrote: Remember, the OI metric represents the total number of open long and short positions in the market. Sharp increases in OI suggest that, as volatility spikes, both long and short positions could face increased pressure, potentially leading to liquidations. BNB’s Price Movement Amid Broader Market Trends Binance’s native token BNB, has also experienced a notable price movement, mirroring the broader uptrend within the crypto market led by Bitcoin’s resurgence. Related Reading: Binance Coin Breaks $600! Is There More Upside Ahead For BNB? Earlier today, BNB breached the $600 mark, reaching a 24-hour high of $610 before experiencing a slight pullback to $595, at the time of writing. Despite this correction, the asset remains up 2% over the past 24 hours. This price action brings BNB closer to its previous ATH of $717, recorded on June 6 of this year, with the current price reflecting a 17.3% decrease from that peak. Featured image created withe DALL-E, Chart from TradingView

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BNBUSD Binance Coin