Global financial markets experienced a significant sell-off on January 30, 2026, impacting both traditional and digital assets. Precious metals, typically considered safe havens, saw sharp declines with gold dropping 8% and silver plunging 12%. Bitcoin was not immune to the downturn, falling approximately 5% in sync with the broader risk-off sentiment.
Despite the price declines, a key metric on cryptocurrency exchange Binance tells a different story. Binance's Open Interest (OI), which reflects the total number of outstanding, unsettled derivative contracts like futures, has surged. Data shows it has climbed back to levels not seen since before October 10, 2025, marking a 31% increase from that period. The current OI level is reported at 123,500 BTC, up from 93,600 BTC.
Analysts interpret this divergence—falling prices alongside rising leverage—as a sign of returning speculative capital. CryptoQuant analyst Darkfost noted that this "gradually reflects the return of risk appetite among investors," suggesting traders may be anticipating a rebound or preparing to capitalize on short-term volatility.
The sell-off triggered substantial liquidations in the crypto market, with nearly $300 million in long positions being liquidated within hours. Hyperliquid recorded the largest single liquidation of $87.1 million, while Binance saw roughly $30 million in liquidations.
Further analysis of investor behavior comes from the adjusted Spent Output Profit Ratio (aSOPR). CryptoQuant analyst MorenoDV_ highlighted that since early 2024, as Bitcoin rose from $40,000 to over $100,000, the aSOPR metric has consistently formed lower highs and lower lows. This pattern indicates that during each rally, holders have been taking profits progressively earlier, "showing decreasing conviction with each rally." Bitcoin is currently testing the lower boundary of this descending aSOPR channel.
