Bitcoin Futures Market Experiences Sharpest Deleveraging Since 2023

The Bitcoin futures market experienced its sharpest deleveraging since 2023, according to CryptoQuant analyst Darkfost. Binance's Bitcoin futures open interest briefly dropped below its 180-day moving average, marking the largest liquidation event of Bitcoin's current market cycle.

The deleveraging was driven by forced liquidations and an aggressive unwinding of leveraged positions. Despite the sharp decline, Binance's Bitcoin open interest remains at $9.6 billion, which is still above its 180-day moving average of $8.3 billion.

Traders have already re-entered the market, pushing open interest back above the 180-day average and contributing to a price rebound. This episode mirrors a longer deleveraging phase that played out over eight months, starting after open interest peaked in October 2025 and concluding around May 2026.