Bitcoin Hits Its Lowest Level Since August 18: Binance Open Interest Falls to $8.3 Billion
Bitcoin open interest on Binance has dropped to $8.3 billion. Santiment highlights the key $70,000 and $72,000 price levels.
Bitcoin's decline toward $68,000 has triggered a massive wave of liquidations in the cryptocurrency derivatives market. According to data shared by blockchain analytics platform Santiment on November 14, 2026, the total value of Bitcoin open interest on Binance fell to approximately $8.3 billion, its lowest level since August 18. Liquidations of positions opened by traders betting on rising prices significantly reduced the concentration of leveraged exposure in the market. Santiment believes that although the decline has intensified short-term selling pressure, it could pave the way for a more sustainable recovery in the Bitcoin market.
Bitcoin Open Interest on Binance Hits Three-Month Low
A chart published by Santiment showed that the value of Bitcoin open interest in Binance futures markets had fallen to one of its lowest levels in recent months. As Bitcoin's price dropped toward the $68,000 region, another wave of liquidations hit leveraged positions opened by traders expecting further price increases.
According to a November 13 report by CoinDesk, citing CoinGlass data, approximately $1.64 billion in cryptocurrency positions were liquidated within 24 hours. Long positions accounted for 88.7% of the total liquidations. The figures revealed that the price decline had placed significant pressure on investors anticipating a market recovery.
Santiment pointed out that the deleveraging process, which began approximately two weeks earlier following the attack on Binance, had intensified with the latest wave of selling. According to the analytics firm, clearing out crowded long positions could reduce the risk of additional forced selling if prices begin to stabilize.
Why Are $70,000 and $72,000 Important for Bitcoin?
Santiment's assessment placed particular emphasis on Bitcoin's price performance over the weekend. According to the analytics firm, a rapid recovery toward the $70,000–$72,000 range could strengthen bullish sentiment across the market. Such a rebound could also increase open interest as traders begin opening new leveraged positions.
However, Santiment also highlighted an alternative recovery scenario. If Bitcoin's price stabilizes while open interest on major exchanges remains relatively low, it could indicate that the recovery is being supported by direct purchases in the spot market rather than an increase in leveraged trading activity.
The analytics firm believes that the second scenario would create a healthier market environment for cryptocurrencies. A recovery driven by spot demand may be less vulnerable to sudden liquidations triggered by highly leveraged positions. Nevertheless, the $70,000 and $72,000 levels should not be considered definitive reversal points. Instead, they represent price regions highlighted by Santiment when evaluating the possibility of a market recovery.
Kriptofoni Analysis
A decline in Bitcoin open interest should not be interpreted as a bullish signal on its own. Open interest measures the total value of outstanding contracts in the futures market and includes both long and short positions. Therefore, the significance of a decline in this indicator must be evaluated alongside price movements and other derivatives market data.
The central point of Santiment's analysis is that reduced leveraged exposure could limit forced selling pressure during a potential recovery. However, a reduction in leveraged positions alone is not enough to trigger another Bitcoin rally. Stronger spot market demand and easing selling pressure will also be important.
In the coming period, whether Bitcoin can reclaim the $70,000 level will be important, but so will the nature of any potential recovery. Investors will need to monitor whether a rebound is accompanied by rising open interest or primarily supported by spot market purchases. Santiment's data brings this distinction into focus for investors seeking to understand the strength and sustainability of a potential Bitcoin recovery.
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Disclaimer: This content is for informational purposes only and is not investment advice. Cryptocurrencies are high-risk; make investment decisions based on your own research.
Content Editor and Writer
Dr. Mesut İnan is a researcher, academic and crypto journalist who has been producing content about cryptocurrencies since 2018. He brings a different perspective to the industry by combining his expertise in sociology with the cryptocurrency ecosystem. Before joining Kriptofoni as co-founder, content editor and writer, İnan worked for several cryptocurrency media platforms: he was an editor and writer at Kriptokoin from 2018 to 2023 and at COINTURK from 2023 to 2024. İnan made a valuable contribution to the ecosystem with his book on Bitcoin, "Bitcoin Sen Bizim Her Şeyimizsin" (Bitcoin, You Are Our Everything). Alongside his academic background, his regular analyses, news and commentary have made him one of the well-known names in cryptocurrency journalism in Turkey. İnan continues his work as a writer and educator and remains a prominent expert voice in the cryptocurrency field.
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