TechFlow News: On May 13, according to CryptoQuant analyst Amr Taha’s monitoring, following the release of U.S. April CPI data—which came in higher than expected—Bitcoin derivatives markets witnessed synchronized de-risking activity. Open interest across four major exchanges—Binance, Gate.io, Bybit, and OKX—collectively declined by approximately $1.25 billion. Gate.io recorded the largest drop, at around $578 million; Binance followed with roughly $473 million; Bybit and OKX saw declines of approximately $123 million and $75 million, respectively. This synchronized reduction in open interest across multiple platforms indicates that this deleveraging event is not an isolated occurrence at a single exchange, but rather a broad-based, macro-driven defensive response from the market.
Analysts note that the decline in open interest may stem from long-position liquidations, short-covering, or proactive leverage reduction—and should not be interpreted in isolation as a definitive bearish signal. However, large-scale, synchronized open-interest contraction triggered by macro catalysts typically signals that derivatives traders are rapidly adjusting their risk exposure.
