rewrite this title Binance Net Open Interest Hits New All-Time High | Coin Media

As Bitcoin (BTC) is pushed to an all-time high by the results of U.S. presidential elections, net Open Interest on derivatives exchanges follows. This could lead to even more dangerous volatility as crypto bears face $370 million short liquidations.

Binance’s OI hits new ATH, analyst foresees volatility spike

Binance (BNB), the world’s largest cryptocurrency exchange, hit an all-time high on open interest on crypto derivatives. Binance’s net OI hit a fresh record at $8.3 billion, said CryptoQuant’s community author Burak Kesmeci, seasoned blockchain analyst.

The analyst noticed that in the past 24 hours, Open Interest in Binance surged by 10.24%. Right now, the largest exchange is responsible for 35% of global open interest on crypto futures.

Kesmeci highlights that every move over 3% per 24 hours looks significant to him. Thus, we should expect more volatility to come to the crypto segment.

The Aggregated Open Interest metric on all major futures exchanges also hit an all-time high at $23.3 billion. This upsurge should be attributed to the new Bitcoin (BTC) price record.

The orange coin’s price jumped to $75,341 today in the early morning hours.

$580 million liquidations in worst day for bears in crypto

The results of the U.S. presidential election injected unmatched optimism into cryptocurrency markets. Thus, this session is by far the most brutal for cryptocurrency bears.

In total, across all major currencies and exchanges, more than $370 million of short positions were erased thanks to liquidations. The total volume of liquidations exceeds $580 million.

At the same time, markets remain cautious: the Fear and Greed Index has sat at 70/100 for three days in a row. It has failed to get back to the “Extreme Greed” zone despite a 6.86% increase in crypto market cap.