Stacks: $38.2M Open Interest Falls 13.8% as Price Slides 8.5%

Stacks is at $0.3659 after an 8.5% decline, while open interest has contracted 13.8% in 24 hours to $38.2M. That combination matters: the market is not merely repricing STX, it is removing leverage at the same time. Recent coverage has focused on renewed attention around Stacks, social momentum linked to Bitcoin staking, and the token’s latest move.

OI is falling across the main venues

The open-interest structure is led by Bybit at $9.8M, representing 25.6% of the tracked total. Its OI is down 5.0% over 24 hours and 1.9% over 4 hours, making it the largest venue but not the steepest source of contraction. Binance holds $7.4M, or 19.2%, with a sharper 9.5% 24-hour decline and a 2.3% four-hour decline.

Bitget contributes $4.5M, equal to 11.8%, after an 8.9% 24-hour drop and a 1.9% four-hour reduction. OKX is smaller at $2.9M and 7.6% share, but its OI has fallen 10.3% over 24 hours and 1.3% over 4 hours. The common direction across the largest venues is more important than any single exchange: the 4-hour declines show that deleveraging is still active, while the total OI change is materially larger than the price move alone would suggest.

Funding shows a split, but bears pay the least

Current funding is uneven across venues. Bybit is charging shorts the most negative rate among the major books at -0.017671%, while CoinEx is more extreme at -0.043996%. Binance is also negative at -0.007491%, and OKX is negative at -0.0104%. These readings indicate that short positioning is crowded enough to receive funding on those venues, although the falling OI argues that traders are closing exposure rather than simply adding fresh shorts.

The opposing side appears on Bitget and Gate, both at 0.01%, while Crypto.com is positive at 0.002411%. This dispersion weakens the case for a uniform market-wide short squeeze. Instead, it suggests that venue-level positioning is fragmented: some books are carrying short pressure, while others still have a positive cost for longs. The average funding rate is -0.00387% on an 8-hour basis, reinforcing a mildly defensive derivatives backdrop.

Liquidations favor a long-side reset

Liquidations were quiet across the 1-hour, 4-hour, and 12-hour windows, with no reported forced closures in any of those periods. The 24-hour window tells a different story: total liquidations reached $212.1K across 156 events, including $188.9K of longs and $23.2K of shorts. Long liquidations therefore dominate the recorded damage, consistent with the price decline flushing bullish leverage.

Positioning data adds a useful nuance. Long accounts represent 51.6%, while the taker long share is 50.3%. Accounts are therefore slightly more bullish than active taker flow, but the gap is narrow. This is not a strong directional divergence; it is a small residual bullish bias sitting alongside falling OI and long-heavy liquidations. In structure terms, the market has already absorbed a meaningful portion of leveraged longs, but has not yet produced a decisive reversal signal.

Verdict

The working view is defensive at $0.3659 with OI at $38.2M: unless price can reclaim $0.3659 while OI expands from $38.2M, the cleaner interpretation is continued leverage reduction rather than a durable upside breakout. The view is invalidated if STX reclaims $0.3659 and open interest rises above its current $38.2M base while the major-venue funding split stops leaning negative. Data as of 13:17 Beijing time on Oct 8, covering Binance, OKX, Bybit and other major venues.