Bedrock BR Down 14.0% as $43.8M OI Faces Long-Led Liquidations
Bedrock is trading at $0.7119 after a 14.0% decline, while its $43.8M aggregate open interest has dropped 9.8% in 24 hours. The combination is a clear deleveraging signal: traders are reducing exposure into weakness, but the liquidation tape shows that longs—not shorts—have carried most of the forced pain.
Separately, recent coverage describes Ripple-linked efforts to place Brazilian financial records on the XRP Ledger, while noting that the development has not produced a decisive XRP price response.
OI is concentrated, but not uniformly unwinding
The exchange split makes the deleveraging uneven. MEXC holds the largest share at 36.1%, with $15.8M of BR open interest, and it is the only top venue showing a daily increase: up 3.5%. Binance follows with 34.7%, or $15.2M, but its exposure has fallen 16.6% over 24 hours and 4.5% over the latest four-hour window.
That divergence matters. MEXC is absorbing more exposure while the largest declining pool, Binance, is shedding leverage quickly. Bybit accounts for 10.1% and $4.4M, down 13.2% daily, while Bitget represents 9.6% and $4.2M, down 13.3%. Both also posted further four-hour declines of 5.2% and 4.2%, respectively. The market is therefore not simply seeing one broad liquidation event; it is seeing contraction across several major venues alongside a countertrend build on MEXC.
Longs are taking the drawdown
The liquidation structure reinforces the bearish pressure. In the latest four hours, $24.7K of longs were liquidated versus only $943.1 of shorts, producing $25.6K in total forced closures. Across 12 hours, long liquidations reached $60.4K against $19.4K for shorts. The 24-hour totals are more decisive: $127.0K in long liquidations versus $21.5K in shorts, for $148.5K overall.
This is not a short-squeeze profile. Shorts have been forced out too, but their losses are only a fraction of the long side. The falling price and falling OI combination suggests that leveraged buyers are being removed rather than replaced by an aggressive wave of new short risk.
Positioning is defensive, funding stays muted
The positioning indicators add an important nuance. Only 32.4% of tracked accounts are long, while active takers are 48.6% long. That gap shows that account-level positioning is considerably more defensive than the immediate flow of market orders. Takers are closer to balanced, but they are not sufficiently long to offset the broader account skew.
Funding is broadly near zero and positive across the listed venues, including Binance, Bybit, Bitget, Gate, KuCoin, MEXC and others, while Bitget is the lone negative reading. This limited dispersion means funding is not currently signaling an expensive long consensus or an overheated short trade. The pressure is coming more from price damage and position reduction than from a funding-driven unwind.
Verdict: The key downside reference is $0.7119, with $43.8M in OI as the leverage line to monitor. A break below the current price while OI continues falling would confirm another long-led flush; a recovery above $0.7119 accompanied by renewed OI growth would weaken that view. The bearish setup is invalidated only if price reclaims that level while OI expands and short liquidations begin to overtake long liquidations, rather than merely bouncing on reduced leverage. Data as of 03:05 Beijing time on Oct 1, covering Binance, OKX, Bybit and other major venues.