Binance’s ETHUSDT futures open interest rose 2.27% in ETH quantity between Oct. 6 and Oct. 8, going from 2,279,556 to 2,331,355 ETH. Despite this increase in ETH quantity, its USDT value fell 6.58%, dropping from approximately 6.175 billion to 5.768 billion USDT. Over the same period, BTCUSDT open interest fell 1.45% in BTC quantity, from 94,297 to 92,927 BTC, while its USDT value declined 5.97%. Both quantities contracted on Oct. 8 before 21:00 UTC. The breakdown between quantity and repricing shows that lower valuation explains most of the value decrease for Bitcoin.
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