Leverage left the market rather than changed sides: Binance bitcoin open interest fell $529m over seven days, funding sat at or below the neutral anchor, and spot ETF flows turned negative for the largest weekly withdrawal in ten weeks. Every figure below carries its snapshot time and named source.
Bitcoin closed the Friday session at $77,238.98, -3.4% on the week from $79,935, inside a range of $76,393 to $80,494 (CryptoEvents). The on-chain weekly print (BGeometrics, 13 September) marks the 13 September close at $76,814. Total crypto market cap stood at $2.67 trillion at the New York close on 11 September, with bitcoin dominance at 60% and the asset 38.8% below its $126,080 high of October 2025. The derivatives book contracted rather than flipped: Binance BTC futures OI fell $529m over seven days to about $8.0bn.
| Metric | Reading | Change / context | Snapshot | Source |
|---|---|---|---|---|
| Hyperliquid open interest | $10.60bn | 234 markets, with $6.85bn traded in 24 hours | 10 September 2026 | Hyperliquid API via CoinMagnetic |
| Perp DEX open interest, tracked cohort | $19.20bn | Hyperliquid $14.67bn (76%); Aster $2.50bn; Lighter $1.10bn | 13 September 2026 | CoinGlass coverage via AInvest |
| Hyperliquid 7-day fees | $13.5m | 7-day protocol revenue $10.42m | trailing 7 days | DefiLlama via AInvest |
| Bitcoin, weekly close | $77,238.98 | -3.4% on the week (from $79,935) | 11 September 2026 | Zerocap / CryptoEvents |
| Binance BTC futures OI | about $8.0bn | down $529m over seven days | week to 13 September 2026 | Velo via Zerocap |
| Perp funding, Binance/OKX | +0.005% per 8h | about 5.47% annualised - a flat basis, not leveraged demand | week to 13 September 2026 | Velo via Zerocap |
| Liquidations, PPI day | $562m | $484m longs (86% of the window) | 10 September 2026 | CoinGlass via AInvest |
| Liquidations, CPI day | $660m | $250m+ shorts liquidated in about an hour | 11 September 2026 | CoinGlass via CryptoPotato |
| US spot Bitcoin ETFs, weekly | -$462.7m | largest weekly withdrawal in ten weeks | week to 13 September 2026 | Zerocap / CoinGlass |
| Stablecoins (Big 3) | $262.53bn | +$742.7m on the week | seven days to 9 September 2026 (DeFiLlama) | DeFiLlama via NeoDrop |
| Fed hike odds, 16 September | 85%-90% | from 58% at the start of the week | week to 13 September 2026 | Zerocap, futures and prediction markets |
| Asset | Weekly close | Week on week |
|---|---|---|
| Bitcoin | 77,238.98 | -3.4% (range 76,393 - 80,494) |
| Ethereum | about $2,500-2,510 | roughly flat on the week; topped $2,660 on 11 September |
| Solana | 101 | -5% |
| XRP | 1.36 | -4.3% |
| BNB | 721 | -4% |
| Zcash | 1,111 | -5.5% |
| Hyperliquid (HYPE) | 78.50 | as much as -11% |
Two technical markers frame the range. Bitcoin sits almost exactly on its 20-day exponential moving average at $77,071, with the 200-day at $72,823 some 6% below (Zerocap). And on 11 September the 50-day EMA crossed above the 200-day - a golden cross, the first since mid-2024 per InteractiveCrypto - which resolved nothing: price failed at $80,000 within hours of the signal. Ether's relative strength is the other marker: roughly flat on the week near $2,500-2,510 after topping $2,660 on the squeeze, against SOL -5% to $101, XRP -4.3% to $1.36, BNB -4% to $721, ZEC -5.5% to $1,111 and HYPE down as much as 11% to $78.50.
Perp funding was flat in the way that matters going into an event: at or just below the 0.01% per-8h neutral anchor across major venues - approximately +0.005% on Binance and OKX and +0.01% on Bybit, or about 5.47% annualised on the Binance/OKX print (Velo via Zerocap). The level is not leveraged long demand: Binance's formula anchors at the neutral rate while the premium index sits inside its clamp, so the print implies the perpetual trading at a slight discount to spot. The one deviation came on the flush day, when ether funding flipped to -0.0056% per 8 hours (OKX, 10 September).
| Window | Total | Composition | Detail | Reported by |
|---|---|---|---|---|
| 24h around 10 September (PPI flush) | $562.0m | $484m longs (86%) | bitcoin-only reading: $85.64m liquidated, 92% longs | CoinGlass via AInvest; PAPER |
| 11 September (CPI whipsaw) | $660.0m | 100,000 traders | $250m+ shorts in about an hour, over half ETH | CoinGlass via CryptoPotato |
The desk does not sum the windows into a weekly total. Overlapping 24-hour windows double-count, and the two days were opposite in direction: a 86% long flush around the PPI print, then a short squeeze that cleared $250m+ within an hour of the CPI reversal. The single-position footnote from 10 September - the largest bitcoin long on Hyperliquid, $233m, flipping to a $-3.39m unrealised loss - is anecdotal, but it dates the moment the marginal leveraged buyer stopped being paid to hold.
| Basis / venue | Open interest | Cohort |
|---|---|---|
| Hyperliquid (DeFiLlama basis) | $14.67bn | 76% of the $19.20bn tracked cohort |
| Aster | $2.50bn | second-largest perp DEX by open interest |
| Lighter | $1.10bn | third-largest perp DEX by open interest |
| Hyperliquid (exchange API basis) | $10.60bn | the venue's own measure, 10 September - a different denominator, printed side by side |
On the venue's own API (via CoinMagnetic, 10 September), Hyperliquid ran 234 markets with $10.60bn of open interest and $6.85bn traded in 24 hours. DefiLlama's fees ledger puts the trailing seven days at $13.5m in fees and $10.42m in protocol revenue. Bridge TVL stood at $6.68bn, of which the majority has migrated to the native chain from Arbitrum over the summer. Vault TVL tracked $261.7m across 50 vaults, dominated by HLP at $185.1m and a +7.1% APR (VaultVision, 9 September).
| Date | Net flow | Single-fund context |
|---|---|---|
| 8 September 2026 | -589.32 BTC | - |
| 9 September 2026 | -1,532.66 BTC | - |
| 10 September 2026 | -3,612.12 BTC | ARKB -2,099.30 BTC, the largest single-fund redemption of the week |
| 11 September 2026 | -172.47 BTC | IBIT -250.86 BTC |
| Four-day total | -5,906.57 BTC | about $462.7m for the week in dollar terms |
The four settled days - 8 through 11 September - were all net outflows, cumulating to about $462.7m for the week in dollar terms (Zerocap), the largest weekly withdrawal in ten weeks. The 10 September session carried the heaviest redemption, with ARKB alone at -2,099.30 BTC. The rotation trade ran in parallel: ether ETFs took in $216m on 11 September, their largest single-day intake this month, while XRP funds continued to attract money (InteractiveCrypto).
The Big-3 stablecoin base (USDT, USDC, DAI) rose +$742.7m over the seven days to 9 September, from $261.79bn to $262.53bn - accelerating from the prior week's expansion (DeFiLlama via NeoDrop). USDC drove the growth at +$661.6m, against +$80.6m for USDT and a flat DAI. Chain-level distribution was the real story: Tron absorbed +$504.2m of new USDT to $92.27bn, Solana absorbed +$487.9m of new USDC, while Ethereum saw net contractions in both USDT (-$272.3m) and USDC (-$184.2m). Hyperliquid's own USDT balance fell to $85.4m.
BGeometrics' weekly print for 7-13 September: NUPL 0.3123 (Hope), MVRV 1.454, and the week's structural tell - long-term-holder SOPR crossed below 1.0, from 1.125 to 0.9945, meaning long-term holders were realising at a loss by week's end. The Fear & Greed index closed the week at 61, still Greed, after swinging from 56 on the PPI flush to 73 on the CPI squeeze.
The FOMC decision lands 14:00 Eastern on 16 September, with the Summary of Economic Projections, with the CLARITY Act cloture vote the day before. The readings that would change the desk's interpretation are printed in the Intelligence column; they are conditions, not predictions.
The Friday 11 September session closed at $77,238.98, -3.4% on the week from the prior Friday's $79,935 (Zerocap / CryptoEvents). BGeometrics' daily-close series marks the 13 September print at $76,814; the two series use different close conventions and both are stated.
Overlapping 24-hour windows double-count the same positions. The week produced two distinct flush regimes - a $562m long flush around the 10 September PPI print and an $660m day on 11 September that included $250m+ of shorts in an hour - and reporting them as windows preserves that structure.
The only OI reading published with a clean weekly delta this week is Binance BTC futures OI: down $529m over seven days to about $8.0bn (Velo via Zerocap). Aggregate weekly OI across venues was not republished by a whitelisted source this week and is not carried forward from the prior issue.
Yes, per Zerocap's weekly wrap citing ETF flow data - the largest weekly withdrawal in ten weeks, across four consecutive days of net outflows. The daily BTC-denominated table above reconciles to the same week from CoinGlass's published flow table.
On the venue's own API (via CoinMagnetic, 10 September), the exchange ran 234 markets with $10.60bn open interest and $6.85bn of 24-hour volume. DefiLlama's trailing-seven-day fees ledger shows $13.5m in fees and $10.42m in protocol revenue.