CoinRank Daily Data Report (14/1)｜Bitcoin open interest has fallen 30% from its October high, laying the foundation for a bull market rebound

KEYTAKEAWAYS

TABLE OF CONTENTS

• KEY TAKEAWAYS
• Bitcoin open interest has fallen 30% from its October high, laying the foundation for a bull market rebound
• The South Korean National Assembly has passed two legislative amendments to regulate security tokens
• Binance’s spot crypto trading market share falls to 25%, the lowest level since early 2021
• DISCLAIMER
• WRITER’S INTRO

CONTENT

Welcome to CoinRank Daily Data Report. In this column series, CoinRank will provide important daily cryptocurrency data news, allowing readers to quickly understand the latest developments in the cryptocurrency market.

Bitcoin open interest has fallen 30% from its October high, laying the foundation for a bull market rebound

CryptoQuant data shows that open interest (IO) in the Bitcoin derivatives market has fallen by approximately 30% since October of last year.

Analysts point out that this “deleveraging signal” helps clear excess leverage accumulated in the market. Historically, similar sharp declines have often marked significant market bottoms, laying a more solid foundation for a potential bullish recovery.

However, if Bitcoin prices continue to fall and fully enter a bear market, open interest could shrink further, implying deeper deleveraging and a prolonged correction period.

On October 6th of last year, Bitcoin open interest reached an all-time high of over $15 billion. Currently, with price increases accompanied by declining open interest, it typically means that leveraged short positions are being closed out or liquidated. This “short squeeze” could be beneficial for Bitcoin, as price increases are driven more by spot buying than excessive leverage.

However, derivatives provider Greeks Live points out that the derivatives market has not yet entered a structurally bullish phase; the current trading structure is more like a passive reaction to sudden price increases.

The South Korean National Assembly has passed two legislative amendments to regulate security tokens

The South Korean National Assembly has passed amendments to the Capital Markets Act and the Electronic Securities Act, marking the formal establishment of a framework for the issuance and circulation of security tokens (STOs) approximately three years after financial regulators issued related guidelines.

The core content of the amendments includes the introduction of the distributed ledger concept, allowing issuers meeting certain conditions to directly issue and manage tokenized securities through electronic registration, and establishing a new “Issuance Account Management Agency.”

In addition, atypical securities such as investment contracts will also be included in the regulatory scope of the Capital Markets Act, and will be allowed to circulate in the over-the-counter (OTC) market through the establishment of a new OTC brokerage business.

The amended Capital Markets Act will take effect from the date of promulgation. However, the provisions related to investment solicitation guidelines will take effect six months after promulgation, and the provisions related to OTC trading will take effect one year after promulgation.

Binance’s spot crypto trading market share falls to 25%, the lowest level since early 2021

CoinDesk data shows that in December 2025, Binance’s cryptocurrency spot trading market share fell to 25%, the lowest level since January 2021, far below its peak of nearly 60% in 2023.

Its market share in derivatives trading also fell from a peak of nearly 70% to approximately 35%. Analysts point out that trading activity flowing out of Binance has mainly shifted to non-US exchanges such as Bybit, HTX, and Gate, while trading volume growth on US exchanges, including Coinbase, has been relatively limited.

Meanwhile, on-chain trading platforms like Hyperliquid are attracting more derivatives trading, indicating a profound shift in market structure.