TUT's 94% Swing Ends Down 29.6%: OI Migrates to KuCoin

TUT: a 94% round trip in 24 hours

TUT swung from a $0.0828 high down to $0.0426, then settled at $0.0483, down 29.6% on the day. The move was broad-based: every major venue that quotes the token printed the same low around $0.0425-$0.0430, and prices across Binance, Bybit, Bitget and Gate are now within a hair of each other near $0.0483. A token that trades this uniformly across exchanges leaves little room for arbitrage, which tells you the flush was market-wide rather than a single venue's bad fill.

The damage was concentrated in leveraged positions. TUT liquidations reached $1.76M in the last 24 hours, and 60% of that was longs. That is a modest number for a coin that moved 94%, which is the first sign that open interest was already shrinking before the drop accelerated.

Open interest fell, but not everywhere

Total open interest across the seven venues that report it is down 5.7% to $82.8M. Binance, Bybit and Bitget all shed roughly a quarter to a third of their TUT positions in 24 hours: Binance -25.9%, Bybit -28.5%, Bitget -32.5%. That is the standard picture after a squeeze unwinds, leverage exits, funding normalizes.

KuCoin went the other way. Its TUT open interest rose 25% and now accounts for 47.6% of the total, more than double Binance's 20.9% share. Position data lags price data, so part of this could be a rebalancing artifact, but a shift of this size still shows where the marginal trader is willing to hold risk after the flush.

Funding flipped negative while the price found a floor

Funding across TUT markets is now negative on a volume-weighted basis at -0.013%, with Binance, Bybit and Gate all paying 0.005% and the longer-dated venues mixed. Negative funding after a crash is the market's way of saying shorts are paying to stay short, and it tends to precede consolidation rather than another leg down.

The 4-hour change in open interest is flat or slightly negative at every major venue, which suggests the leverage reset is mostly done. KuCoin's build is the exception, so the next few days are worth watching: if TUT holds $0.048 and KuCoin OI keeps climbing, new longs are stepping in; if the price breaks below the $0.0426 low with OI rising again, the flush is not finished.

Data as of 06:05 Beijing time on Aug 25, 2026, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.