Bitcoin Eyes New August Lows as Binance Longs Face a ‘Cleanout’
Bitcoin is under pressure as volatility may finally break its recent range. Onchain data from CryptoQuant shows Binance open interest rising to $8.15 billion while BTC price has stayed rangebound since June, meaning more leveraged futures exposure has built up while spot participation lagged. As price has started to fall on lower time frames, the relationship between price and open interest has turned negative, signaling that leveraged long positions in the low $60,000 area are being unwound. The latest correlation reading of 0.25 suggests longs are being stopped out or liquidated, with both price and OI dropping together. CoinGlass reported about $236 million in crypto liquidations over 24 hours. Separately, CryptoQuant CEO Ki Young Ju said conditions for a new Bitcoin bull run are not yet in place, with key onchain indicators still in bearish territory.
