Avalanche: $481.4M OI Meets 72.0% Long Accounts and Net Selling
Avalanche derivatives are flashing a clear positioning split: total open interest is $481.4M after falling 1.6% in 24 hours, yet 72.0% of accounts remain long and the 24-hour liquidation bill has reached $886.0K. The key question is whether this is controlled leverage reduction or the early stage of a long-side unwind.
Market commentary around Avalanche is increasingly focused on institutional interest, competitive positioning and whether recent optimism can translate into durable demand.
OI is rotating, not simply disappearing
The exchange breakdown shows why the headline decline needs nuance. Binance still holds the largest share at 24.0%, with $115.7M of AVAX open interest and a 4.4% 24-hour contraction. Bybit controls 16.6%, or $79.9M, but its OI has fallen 8.4%, making it the clearest major-venue source of deleveraging. OKX contributes 4.4% and dropped 5.1%.
At the same time, Gate expanded OI 5.1% to $76.3M, while Bitget rose 2.7% to $32.5M. That divergence suggests exposure is migrating toward selected venues rather than being uniformly closed. However, the short-term direction remains negative: total OI is down 4.0% over one hour, and Bybit’s 4-hour change is down 2.2%.
Account positioning disagrees with active flow
The long/short ratio is heavily bullish at the account level. Binance shows 72.2% long accounts, OKX 66.9%, Bybit 75.4% and Gate 65.9%. Bybit’s ratio of 3.1 is the most stretched among the major venues shown, while Binance stands at 2.6.
Active traders are taking the opposite side where data is available. Binance takers are 56.8% short versus 43.2% long, and Gate takers are 53.3% short versus 46.7% long. This is the central positioning divergence: passive account balances remain long, while aggressive execution is selling into the market. If that taker pressure persists, long accounts may become a source of future forced supply rather than immediate support.
Funding and liquidations reinforce the squeeze risk
The funding rate spread is wide. OKX is charging longs 0.008439%, Binance is at 0.004015% and Bybit at 0.002259%, while Bitmex is negative at -0.0148% and Kraken is negative at -0.0030%. Most venues remain positive, but the uneven distribution shows that bullish leverage is more expensive on some exchanges than others.
The liquidation structure is even more one-sided. Long liquidations reached $749.1K over 24 hours against $136.8K for shorts. In the latest 4-hour window, longs accounted for $170.5K versus only $1.0K for shorts. The largest recorded events were long liquidations near $10.855 and $10.889, worth $47.5K and $46.9K. With AVAX at $10.968, those levels define the nearby stress zone.
Our verdict is bearish-to-neutral while AVAX remains below a clean recovery supported by expanding OI. The immediate risk is a retest of $10.889 and $10.855 alongside further contraction from the current $481.4M OI base. This view would be invalidated if price holds above $10.968 while total OI climbs back above $481.4M and taker flow turns net long on the reporting venues. Data as of 19:05 Beijing time on Oct 1, covering Binance, OKX, Bybit and other major venues.