Bitcoin Eyes New August Lows as Binance Longs Face a ‘Cleanout’

60-second summary

Bitcoin futures open interest on Binance is plummeting in tandem with the BTC price, as CryptoQuant analysis warns of mounting pressure on leveraged longs, potentially leading to a 'cleanout'. The open interest has dropped significantly, indicating a possible exodus of investors from long positions, which could further exacerbate the downward trend in the market.