Since the sell-off yesterday, the open interest has decreased by $1 billion.
This morning it started to rebound, but has just decreased again by $800 million in open interest.
Interestingly, the last washout this time swept away many lows, but the open interest did not set a new low.
There are two interpretations: either most of the liquidity below has been exhausted, or some bulls are still holding on tightly and have not been washed out yet.
