Bitcoin’s futures market just got a violent rinse cycle. CryptoQuant analyst Darkfost flagged what he described as the sharpest deleveraging phase since 2023, with Binance’s Bitcoin futures open interest briefly dropping below its 180-day moving average. The event also earned a more dramatic distinction: the largest liquidation event of Bitcoin’s current market cycle.
The deleveraging was driven by forced liquidations and an aggressive unwinding of leveraged positions.
The numbers behind the flush
Despite the sharp decline, Binance’s Bitcoin open interest remains at $9.6 billion. That figure still sits comfortably above the $8.3 billion 180-day moving average, which provides useful context about how inflated positioning had become before the correction hit.
Binance accounts for roughly 37% of total Bitcoin open interest across all exchanges.
