Yesterday we closed the book on XBTUSD โ the contract that started it all.
Launched on 13 May 2016, it was the longest-running perpetual swap contract in crypto. And until we are told otherwise, the longest running derivatives contract of any kind, given TradFi still trades on contracts that expire.
Let's take a trip down memory lane one last time ๐
Binance or total open interest is half of last year top:
- total now $100B
- total Oct 2025 $200B
- Binance now $26.8B
- peak was roughly $45B+ in mid-late october
october high was extreme overcrowding + high leverage. classic washout.
lower OI usually means:
- less fuel for another violent cascade in the short term
- market is cleaner, less leveraged
price still can dump for any reason, but not aggressive, not bearish.