Bitcoin experienced a significant correction in Asia’s markets, with a 5% drop in open interest within a 24-hour period. This resulted in a decrease in Bitcoin’s value to around $40,250 before rebounding to $42,250, representing a 10% decline from its peak this year. Approximately $400 million was liquidated during this time.

Binance, one of the major cryptocurrency exchanges, bore the brunt of this fallout, accounting for about 9% of the decrease in open interest. This divergence between Binance and the Chicago Mercantile Exchange (CME) highlights Binance’s shrinking market dominance, which now stands at 25%. On the other hand, CME’s open interest has risen to 30%, indicating a growing influence in the cryptocurrency sphere.

Overall, these market developments suggest a notable shift in the Bitcoin landscape, with potential implications for the future of the cryptocurrency market.