Arab Chain2026-03-02

Bitcoin open interest recorded a broad decline over 90 days

Bitcoin open interest data reflect a continued downward trend in open interest over the past 90 days across most derivatives platforms, indicating a clear deleveraging environment and significant position exits. According to the data, Binance led all platforms in terms of outflows, registering a decline of approximately 1.045 million BTC over 90 days—the largest decrease among all venues. This figure reflects a substantial reduction in open interest and reinforces the view that most repositioning is occurring on the most liquid platform. Bybit also recorded an outflow of approximately 802,800 BTC, pointing to a significant deleveraging trend as well, particularly given that Bybit is among the most active high-leverage derivatives venues. This simultaneous decline alongside Binance suggests a broader market-wide trend rather than an isolated case. HTX Global posted a decrease of approximately 456,700 BTC, a relatively large move that indicates a clear contraction in open interest on the platform. Overall, the data suggest the market is undergoing a phase of widespread position unwinding, with a pronounced reduction in leverage. Historically, such contractions can pave the way for a period of stabilization or the rebuilding of new positions ahead of a strong directional move— especially if accompanied by declining volatility and more balanced flows across platforms.