CryptoQuant tracking data shows that Binance's unpositioned squaring contract (OI) reached an all-time high, breaking through $11.70 billion. The unpositioned squaring contract remained above the 50-day moving average, further confirming the upward momentum of the market. The derivatives market has played a crucial role in driving this upward trend, indicating a very high level of interest and participation in cryptocurrencies.
dYdX's unpositioned squaring contract hit a new high of $280 million and TVL has approached $300 million.
Bitcoin futures unpositioned squaring contracts increased by more than 20,000 BTC in a single day, the largest one-day gain since June 3. The total number of bitcoin unpositioned squaring contracts has reached $42.60 billion. High position squaring contracts can lead to increased volatility, especially when the contract is about to expire. Traders may rush to position squaring, rollover or adjust positions, which can lead to large price swings.
With the Chinese mainland in the midst of a week-long holiday, traders have turned their attention to futures listed in Singapore and Hong Kong. The number of unpositioned squaring contracts for FTSE China A50 futures on the SGX has surged to a record 1.20 million lots since the start of China's National Day Golden Week holiday last Tuesday. "The strong trading volume reflects that global investors are managing their China exposure and adjusting their positions ahead of the reopening of the cash...
According to Coinglass data, the CME platform Bitcoin futures unpositioned squaring contract decreased by 15% in 24 hours, and is now reported at 125,200 BTC. At present, the unpositioned squaring contract position on the whole network is about 484,400 Bitcoin, a decrease of 4.6% in 24 hours.