INJ -6% to $5.57: OI Sheds 10%, MEXC Cuts 25.5%

INJ Gives Back Part of the Rally

INJ traded at $5.565 on Binance and $5.564 on OKX at the time of writing, down about 6% over 24 hours. The move erased part of the gain that pushed the token to a $6.09 high earlier this week, when it climbed from the $5.30 area on thin spot buying. The 24-hour range sits at $5.345 to $6.094 across the two reference exchanges, so the pullback has so far stayed inside the recent swing, not below it.

Open Interest Falls 10.1% to $84.8M

Total open interest across 15 venues came to $84.8M, down 10.1% in 24 hours. The cut is broad but uneven. MEXC led the reduction with -25.5%, Hyperliquid followed at -16.1%, and KuCoin shed 11.6%. Binance, the largest single venue with a 25.2% share, trimmed 7.6%, while OKX cut 12.9%. On the other side, Bybit stood out with OI up 6.1%, and Gate added a small amount even as its funding rate stayed negative. Traders on most venues closed positions as price dropped, while a minority on Bybit added exposure into the dip.

Liquidations Stay Small, Longs Take the Hit

Liquidation volume for INJ over the past 24 hours reached $817,700 across 254 trades, with longs accounting for 88% of the total. That is a modest figure for a token with an $85M derivatives book. It suggests the unwind is happening through position closing rather than forced selling. The pattern matches the rally itself, which produced little forced buying even at the highs, a sign that the move up was not leverage-driven to begin with.

What the Split Tells Us

The divergence between MEXC and Bybit is the detail worth watching. When one venue cuts a quarter of its positions while another adds, it usually means two different trader groups are acting on different assumptions. Bybit's growing OI could become fuel for a rebound if spot demand returns, or it could be the next batch of longs to get flushed if the downtrend continues. Funding across major venues is close to zero, with Gate slightly negative, so there is no crowding fee signal either way. The practical takeaway: INJ's derivatives book is thinner than a week ago, and the next directional move will likely come with faster liquidation swings on either side.

Data as of 11:30 Beijing time on August 26, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget, MEXC, KuCoin and other major exchanges.