According to a new report shared by CryptoQuant, Bitcoin may face short-term pressure as key on-chain indicators flash caution. With BTC once again approaching the critical $110,000 level, analysts are highlighting two emerging red flags: weakening Open Interest on Binance and a repeat of major stablecoin outflows from derivative exchanges.
Price and Open Interest Divergence on Binance
While Bitcoin has retested its all-time high—last seen on May 27—Binance’s Open Interest (OI) has notably failed to mirror this move. The divergence is technically significant, as it implies that although spot price momentum remains intact, futures market participation is declining. A healthy price rally is typically supported by growing OI, suggesting that the current move may lack strong conviction from leveraged traders. 
$750M Stablecoin Outflows Hint at De-risking
The report also points to over $750 million in stablecoins withdrawn from derivative platforms, mirroring a similar event that took place on May 29.
These synchronized outflows often precede volatility and are frequently associated with either strategic capital rotation or risk-off behavior by larger players. Their recurrence near Bitcoin’s all-time highs strengthens the case for near-term caution.
Short-Term Caution, Long-Term Structure Intact
CryptoQuant emphasizes that these signals don’t undermine Bitcoin’s broader bullish outlook. Instead, they point to the likelihood of a short-term retracement or consolidation phase before BTC can mount a sustainable breakout above $110K. Traders may want to watch for renewed Open Interest growth and inflows into derivatives platforms as confirmation of bullish continuation.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/market/bitcoin-rally-at-risk-binance-open-interest-says-yes/