Bedrock OI Falls 7.1% as Binance Holds 34.4% of Open Interest
Bedrock is trading at $0.6989 after a 14.3% decline, while aggregate open interest has contracted 7.1% over 24 hours to about $43.4M. That combination points to deleveraging rather than a clean bearish build: volume rose 44.7%, but the derivatives base shrank as price weakened. The key question is whether the remaining OI is concentrated enough to trigger another forced move.
Exchange concentration is split
The venue map is unusually divided. MEXC carries the largest share at 37.0%, with $16.0M in OI and a 5.2% daily increase. Binance follows with 34.4%, or $14.9M, but its OI fell 16.8%. Those two venues therefore express opposite positioning behavior: MEXC is adding exposure into the decline, while Binance is removing it.
Below them, Bybit holds 9.9% of OI at $4.3M after a 15.6% drop, and Bitget holds 9.4% at $4.1M after a 13.9% decline. KuCoin is a smaller 6.3% share, yet its OI increased 49.3%. The broad pattern is not a uniform exit. It is a rotation in which MEXC and KuCoin expand while larger portions of the Binance, Bybit and Bitget complex unwind. That makes the headline total less informative than the venue-level split.
Funding shows no broad long squeeze
The average funding reading is positive at 0.000927%, but the venue dispersion matters more than the average. Binance, Aster, Bitunix, Gate, KuCoin, LBank and MEXC each show 0.005%, while Bybit is barely positive at 0.00018%. Bitget is the outlier at -0.0288%, signaling that its contracts are trading with a short-side funding bias even as its OI declines.
The positioning indicators reinforce that mismatch. Long accounts represent 32.4%, while aggressive takers are 48.6% long. In other words, the active flow is more long-oriented than the account distribution, but neither measure shows a crowded long majority. With funding mostly flat-to-positive and OI down, the market looks more like a strained rebound attempt than a synchronized leverage chase.
Liquidations are decisively long-led
Liquidation data supplies the clearest directional signal. The past 24 hours produced $128.6K in forced closures, including $106.8K from longs and $21.8K from shorts. Longs therefore contributed nearly five times the short liquidation value. The imbalance is already visible in the shorter windows: over 1 hour, longs lost $3.1K versus $165.9 from shorts; over 4 hours, the split was $13.8K versus $423.8; and over 12 hours, $57.1K versus $18.7K.
This structure says downside pressure is being realized through long liquidation, not through an aggressive short squeeze. Yet the liquidation totals remain modest relative to the $43.4M OI base, so the market has not cleared all leverage. The negative Bitget funding rate and rising MEXC OI suggest that some traders are still positioning against the broader unwind.
Reports separately indicate that Ripple is working with Brazil’s securities infrastructure to mirror fund records on the XRP Ledger, but that development has not lifted XRP.
Verdict: The near-term bias stays fragile while BR holds below the $0.6989 reference price and aggregate OI remains under $43.4M, especially with long liquidations leading across every reported window. This view is invalidated if price reclaims $0.6989 and OI rises above $43.4M, confirming fresh leverage rather than continued deleveraging. Data as of 06:05 Beijing time on Oct 1, covering Binance, OKX, Bybit and other major venues.