On-chain Open Interest for the MU contract has dropped to around $138 million, decreasing over 50% from its peak.

BlockBeats News, August 19th, according to TradingBeats (formerly Hyperinsight), the open interest of the MU-USDC perpetual contract on Hyperliquid is currently around $138 million. Compared to the calculated open interest of nearly $300 million in July, it has shrunk by over 50%, also hitting a new low in the past two and a half months.

In the past 24 hours, the liquidations of MU contracts have been concentrated in long positions, but no significant liquidation amounts have occurred yet. The liquidation address rankings show: "Kvyadav1:vishnuvamsi.eth" long position liquidated $77,700 (20 hours ago), 0x4a...8f7b long position liquidated $55,900 (14 hours ago), 0x59...7716 long position liquidated $55,500 (4 hours ago).

Regarding the concentration of positions, the top address holds about $9.65 million, accounting for 7%; the total of the top 5 addresses is about $35.92 million, accounting for 26.1%; the total of the top 10 addresses is about $54.36 million, accounting for 39.5%.

With the open interest plummeting to a low of $138 million, coupled with a nearly 7% price drop in a single day, all liquidations are long positions with no short liquidations, indicating that leveraged longs accumulated in the previous period are being rapidly liquidated. In a low liquidity environment, once whale shorts intensify the selling pressure or trigger more longs' stop-loss orders, the downside price risk will further increase. It is necessary to closely monitor the subsequent movements of the top holding addresses in the short term.

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