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Bitcoin slides toward new August lows as Binance long positions face liquidation

CryptoQuant data tied to Binance futures show open interest reached about $8.15 billion on Wednesday, while CoinGlass tracked $236 million in cross-crypto liquidations over 24 hours.

Reported · Written up by our desk · Market Structure

Bitcoin edged toward new August lows as analysis highlighted pressure building on leveraged long positions on Binance, Cointelegraph reports. The outlook focuses on price weakness alongside changes in Binance futures open interest, a gauge of active derivative positioning.

According to CryptoQuant analysis cited by Cointelegraph, leveraged longs are being “flushed out” as BTC/USD targets month-to-date lows. CryptoQuant said Binance open interest climbed to about $8.15 billion on Wednesday even as spot participation stayed limited, with downside volatility on lower time frames raising the risk of long squeezes and liquidations.

Cointelegraph also notes that the relationship between price and open interest has shifted, which the analysis links to long positions being stopped out or liquidated. CryptoQuant CEO Ki Young Ju said conditions for a renewed Bitcoin bull market have not yet emerged.

At the time of writing, CoinGlass data referenced by Cointelegraph showed total 24-hour cross-crypto liquidations of $236 million. Cointelegraph attributed additional context to a broader onchain indicator mix still characterized as bear territory.

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