TLDR
Open interest in crypto derivatives increased modestly over the past 24 hours (UTC), up about 0.83% overall. Perpetuals rose by roughly $7.09 billion and total OI by $7.16 billion based on tool output.
- Perpetuals OI moved from $856.47 billion to $863.56 billion (+0.83%), based on tool output.
- Total OI rose from $860.82 billion to $867.98 billion (+0.83%), while many majors OI has been fading this week per a market update.
- Drivers include continued leverage unwinding and liquidations, which can distort OI flows day to day per a market note.
Deep Dive
1. 24h OI Change
Open interest (OI) is the notional value of active derivatives positions. Over the past 24 hours (UTC), perpetuals OI increased by about $7.09 billion and total OI by $7.16 billion, both roughly +0.83%, based on tool output. The reading spans roughly 20 Nov 04:10 to 21 Nov 04:00 (UTC), indicating a modest rebuild of leverage after recent deleveraging.
A small OI uptick suggests some participants are re?adding risk, but the move is modest and can reverse quickly if spot prices weaken or liquidations accelerate.
2. Recent Trend
Despite todays uptick, OI across major tokens has been pressured this week amid risk?off flows and confidence damage after sharp drawdowns. Reporting noted OI declines in BTC and ETH futures as capital outflows persisted, with only pockets like bitcoin-cash/">BCH and LINK showing OI increases in the prior day per a market update. A subsequent daily read highlighted over $600 million in leveraged position liquidations and mixed OI changes across tickers (BTC, SOL, DOGE up; XRP, ETH, AVAX down) per a market note.
3. Drivers To Watch
Leverage unwinds and liquidations often dictate near?term OI changes, pushing OI lower in down moves and stabilizing as markets base. The latest coverage pointed to continued liquidations and negative funding in some alts, signaling caution rather than aggressive risk?adding per the market note above. This backdrop makes small OI increases less conclusive without confirmation from spot volumes and funding normalizing.
Monitor whether OI rises alongside healthier spot volumes and neutral funding. OI rising into weak spot can increase short?term squeeze risk, but without breadth it often fades.
Conclusion
Todays OI rose modestly, about +0.83% in both perpetuals and total, suggesting tentative re?risking. However, the broader weekly context still shows leverage unwinding and mixed OI across tokens. If spot breadth and funding stabilize, OI could keep rebuilding; if liquidations resume, the increase likely stalls.
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