Sui's 78% Long Crowd Pays a $3.2M Liquidation Bill as SUI Dips to $0.685
Sui runs one of the largest alt perp books in the market at $505.4 million in open interest, and that book is leaning hard in one direction. 78.3% of SUI perp accounts are positioned long - on Bitget the reading reaches 86.0%, on Bybit 79.1%, on OKX 77.7% - while the price grinds lower, off 2.1% at $0.6849. The cost of that crowding over the past 24 hours: $3.2 million in long liquidations against just $79K in shorts, one of the largest long-side flushes among alts today.
News context: CryptoPotato reported that some chart watchers see a buy signal forming on SUI after its roughly 10% weekly decline - a narrative that helps explain why the long crowd keeps rebuilding despite the liquidation tape.
The liquidation band sits just below the market
The largest forced exits printed at $0.6736 on Bybit and $0.6762 and $0.6675 on Binance - a tight band 1-3% below the current price that maps exactly where the long crowd's margin gave out. Notably, the flush is stale: of the $3.2 million in 24-hour long liquidations, only $72K occurred in the past twelve hours. The market has spent half a day consolidating just above the zone that hurt it, which is either a base forming or a pause before the second leg.
Open interest is easing, not fleeing
Total open interest declined a measured 3.3% in 24 hours. Binance, the top venue at $92.6 million (an 18.3% share), cut 4.7%; Bybit trimmed 2.5% to $61.8 million; OKX and Bitget were essentially flat at $28.1 million and $45.2 million. Against XLM's 18% purge today, SUI's book looks orderly. Funding is genuinely mixed: Binance longs pay a trivial 0.0018% per 8 hours while Bybit (-0.0028%), Bitget (-0.0073%) and Gate (-0.0053%) have flipped to shorts paying, with 6 of 23 venues negative. The annualized basis of -5.3% keeps futures under spot. Taker flow splits by venue - Gate 67.1% buyers, Binance 52.7% sellers.
Momentum favors neither side
The 4-hour RSI at 34.5 leans oversold; the daily at 40.3 is soft. With $675 million in daily perp volume against a $2.8 billion market cap, SUI remains a market where the derivatives crowd - not spot - sets the marginal price.
Our read: the 78% long skew is the single most important fact about SUI right now, and it cuts both ways. The half-day pause in liquidations plus partial negative funding gives longs a fighting chance at a bounce toward $0.71, where the weekly decline began. But the asymmetry is unforgiving: a break of $0.6675 - the bottom of today's liquidation band - exposes a crowd of 86% Bitget longs to a cascade with almost no short interest positioned to cover into it, and books this crowded rarely bottom on a 40 daily RSI. The honest signal is the account ratio itself: SUI does not put in a durable low until that 78% reading compresses into the 60s. Until then, treat bounces as rentals and $0.6675 as the line that turns a dip into an event.
Data as of 23:59 Beijing time on Sept 16, covering Binance, OKX, Bybit, Bitget, Gate, HTX, Hyperliquid, KuCoin, MEXC and other major exchanges.