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) monitoring, the open interest of the MU-USDC perpetual contract on Hyperliquid is currently about $138 million. Compared to the previous open interest of nearly $300 million in July, it has shrunk by over 60%, also hitting a new low in the past two and a half months.

In the past 24 hours, the settlement of MU contracts has been concentrated in long positions, but there have been no significant liquidation amounts. The liquidation address ranking shows: "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 is about $35.92 million, accounting for 26.1%; the total of the top 10 is about $54.36 million, accounting for 39.5%.

The sharp drop in open interest to the low level of $138 million, coupled with a nearly 7% price drop in a single day, all liquidations being long positions with no short liquidations, indicates that leveraged long positions accumulated earlier are being rapidly liquidated. In a low liquidity environment, once whale shorts increase selling pressure or trigger more long liquidations, the downside price risk will be further amplified. In the short term, close attention is needed to the subsequent actions of the top holding addresses.

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