Analysis: After the Federal Reserve announced its decision, the number of open cryptocurrency contracts dropped sharply.

In a report, CryptoQuant's Amr Taha stated that there has been a "significant leverage reset" in the open interest contracts of two major cryptocurrencies traded on Binance Bitcoin and Ethereum. Taha said that after the announcement of unchanged interest rates, open interest contracts for Bitcoin decreased by 18% and Ethereum open interest contracts declined by 25%. "The simultaneous decline of Bitcoin and Ethereum indicates a general decrease in risk appetite in Binance's derivative market," Taha said. "Traders may choose to close their positions before and after the announcement by the Federal Reserve, rather than face potential market reactions with leverage."