Bitcoin Futures Market Sees Sharpest Deleveraging Since 2023

Bitcoin's futures market experienced its sharpest deleveraging since 2023, driven by forced liquidations and unwinding of leveraged positions. Binance's Bitcoin futures open interest briefly fell below its 180-day average during the largest liquidation event of the current cycle.

This sharp drop was followed by a rapid re-entry of traders, pushing open interest back above the average and supporting a price rebound similar to one seen in early 2026.

Despite this deleveraging event, which can help clear speculative excess and set healthier conditions for price growth, Binance's dominant 37% share of Bitcoin open interest means any disruption there could significantly impact the market.