FIL Slips 7% to $0.743: OI -11.6%, Longs Paid 98% of Liq

FIL slid 7% to $0.743 in the past 24 hours as bitcoin backed off its $82.5K high and dragged most majors with it. The Filecoin token touched $0.806 on Binance before the turn, and the pullback came with a clear drop in futures exposure: total open interest fell 11.6% to $97.3 million.

FIL Pulls Back as BTC Retreats From $82.5K

Bitcoin printed $82,453 about a day ago and has since corrected toward $79.5K, down roughly 2.1% on the day. FIL took a sharper cut. On Binance the token reached a 24h high of $0.8065 and last traded at $0.7427, down 7.0%; on OKX it sat at $0.7428, down 6.96%. The two venues agree on price, so this is a market-wide repricing, not a quirk of one order book. The move erased part of the run that had carried Filecoin higher earlier this week.

Binance records a 24h low of $0.692, deeper than OKX's $0.7333. The gap hints the dip was fast and localized rather than a broad sell-off. No venue shows a panic-style flush, and volume stayed elevated near $221 million across tracked exchanges.

Open Interest Sheds 11.6% to $97.3M

Aggregate open interest across the venues tracked came to $97.3 million, down 11.6% in 24 hours. The largest books cut the most. Binance, which carries 41.2% of total OI, trimmed 14.3%; OKX reduced 15.5%; WhiteBIT, the third-biggest book at 10.3% share, shed 14.7%. Bybit was the outlier among the majors with a mild 3.0% decline.

Not every exchange joined the unwind. KuCoin added 7.9% and Coinbase 2.1% in the same window, but both are small relative to the leaders. Four-hour changes are now flat to slightly negative on most venues, a sign the heaviest deleveraging may have already passed.

Longs Paid 98.5% of Liquidations

Liquidation data shows $1.49 million in FIL positions wiped over 24 hours across 341 orders, and 98.5% of that total was long side. That split is the typical fingerprint of a reversal: leveraged buyers who added into the rally got stopped as price turned down. The dollar amount looks small next to the $236 million BTC flush, but against a $97 million OI book it removes a meaningful slice of speculative demand.

The composition matters. Longs were the side funding the move up, and clearing them leaves a leaner book. When OI keeps falling while price stops dropping, a bounce needs less fuel because the weak hands are already out.

Funding Still Positive: Leverage Hasn't Fully Left

Funding rates have not flipped negative. Binance shows 0.003% per interval, OKX 0.0033%, and only Bybit sits slightly below zero at -0.0067%. Longs still pay a little to hold, which means speculative length remains in the system even after the flush.

What to watch: a reclaim of the $0.77-$0.78 zone with OI stabilizing would argue the correction is done. A slide that pushes funding negative while OI keeps shrinking would put sellers in control, with the Binance low near $0.692 as the next reference. The ratio itself is the tell: OI fell 11.6% while price fell 7%, so leverage is exiting faster than price, a cooling pattern rather than fresh risk-taking.

Data as of 02:16 Beijing time, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.