Bitcoin Open Interest Spike Sparks Exit Talks Among Traders

• Bitcoin open interest on Binance spiked again, repeating a pattern often followed by trader exits and short-term market slowdowns.
• Long-term Bitcoin holders are reducing exposure, while net outflows from major exchanges suggest cautious sentiment among larger players.

Bitcoin has again attracted many eyes to the charts. Not only because its price fluctuations are increasingly difficult to predict, but also because several technical signals are starting to show potential changes in market direction.

One of them comes from the spike in open interest that has occurred repeatedly in the last two months. According to Amr Taha, an on-chain analyst at CryptoQuant, this spike has occurred three times since the end of May, and all of them have a somewhat similar pattern—always followed by selling pressure or a flat phase that makes traders wonder: is this a moment to take profits or the beginning of a correction?

Bitcoin Leverage Surges Again, Traders Eye Exit Points

On Binance, the spike in open interest in the last 24 hours has again broken through 6%. This is not a small number, and if you look at the previous pattern on May 26 and June 10, similar spikes were followed by price declines. It can be said that so many leveraged positions entered at once, the market began to slow down.

Usually, at moments like this, those who are already sitting in the green zone start to exit one by one, maintaining existing profits before the market reverses direction.

Source: CryptoQuant

Big Players Quietly Step Back as Outflows Accelerate

On the other hand, there is another signal that can be said to be pinching the back a bit—the movement of long-term holders. Based on Amr Taha’s analysis, their net realized value (Net Position Realized Cap) plunged from more than $57 billion to only around $3.5 billion.

This means that many of them chose to lock in profits first, perhaps because they felt they had enough, or perhaps because they began to smell potential pressure from outside the crypto market.

Furthermore, CoinGlass’ Net Inflow heatmap for the last four hours revealed a large outflow from a number of digital asset exchanges. Binance experienced the largest net outflow, reaching $42.59 million.

Source: CoinGlass

That figure does not include other exchanges such as Bybit ($14.24 million), Kraken ($2.90 million), OKX ($2.38 million), Coinbase ($2.31 million), and Bitstamp which also recorded a minus of $1.64 million. Not just one or two platforms, but many at once. This could be a form of collective de-risking by large market players.

In addition, CNF previously reported that in the past few days, the number of addresses depositing Bitcoin to exchanges has actually decreased sharply. At first glance, this seems like a sign that BTC owners are in no hurry to sell, and instead choose to hold it longer.

Moreover, with the presence of ETFs and the decline in retail speculative activity, a new trend is starting to form: Bitcoin is no longer just a fast trading tool, but is starting to be seen as a store of value.

If we make an analogy, this is like people who start putting their money in a safe instead of a wallet. More calm, more shockproof. But still, when the safe is opened too often in a short period of time, some may start to feel unsafe.

As of press time, BTC is changing hands at about $107,218.41, up 2.27% over the last 7 days and moving sideways over the last 24 hours.