Bitcoin experienced its sharpest deleveraging since 2023, with Binance’s futures open interest briefly dropping below its 180-day moving average. This phase represents the largest liquidation event of the current cycle. Despite the sharp correction, open interest remains at $9.6 billion, comfortably above the $8.3 billion 180-day average. Traders have already re-entered the market, pushing open interest back above the 180-day moving average. Binance accounts for 37% of total Bitcoin open interest, a level that now exceeds the May 2026 recovery when Bitcoin surged back toward $82,000.
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