BTW +47% to $0.621: Shorts Paid 97% of $4.16M Liq
BTW Rebounds 47% While Shorts Take the Hit
BTW climbed 47.2% in 24 hours to $0.621 on Binance, staging a sharp reversal after two days of heavy selling. Liquidations tell the story clearly: of the $4.16M wiped out across the network in the last day, $4.05M were short positions, or roughly 97%. Longs lost only $106K in the same window. The move chased sellers who had piled in during the drop from $0.756, and the hourly data shows the squeeze is still burning through pockets of short leverage near the current price.
Open Interest Jumps 26% to $175M, But Not Everyone Chases
Open interest rose 26.4% to $175.1M during the rally, so this is not a pure short-covering bounce. Binance leads with $104.1M, about 59.5% of the total, and its OI is up 32.8% in 24h. Bitget added 37.5%, Bybit 36.8% and Gate 58.1%, meaning fresh leveraged longs joined the move. One venue is moving the other way: MEXC cut its position by 20.3%, a sign that part of the market treated the rally as an exit rather than an entry.
A Single Bybit Short Paid $1.31M
The largest liquidation of the day was a Bybit short of 1,905,362 BTW at $0.6856, worth about $1.31M, and Binance shorts followed with similar entries near the same level. Those orders sat above the price floor built around $0.41, where sellers had been active on the way down. With funding still slightly positive across major venues and nowhere near the elevated readings that normally end a squeeze, the liquidation cascade has not yet pulled in the kind of crowded positioning that usually caps these moves.
Still 18% Below the Daily High
The rebound has taken BTW to $0.621, but the daily high of $0.7564 is still roughly 18% overhead. That gap matters: shorts who entered above $0.68 have already been flushed, while buyers stepping in at current levels are paying for the reversal. Watch whether OI keeps expanding and whether funding starts to climb, because both would signal that leveraged longs are front-running the remaining upside. If MEXC's reduction spreads to other venues, the squeeze loses its fuel. As it stands, BTW looks supported near $0.60 on the back of real buying, but chasing a coin that is 47% up in a day carries obvious risk of another round trip.
Data as of 05:45 Beijing time (17:45 ET, Sep 2), covering Binance, Bybit, Bitget, Gate, MEXC, OKX and other major venues.