On-chain analyst Darkfost reports that Bitcoin just underwent its most aggressive deleveraging event since 2023. Binance open interest dropped below the 180-day moving average while the largest long-short liquidation in this cycle occurred. Currently, Binance open interest remains at $9.6B, above the $8.3B 180-day average, accounting for 37% of Bitcoin's total open interest. Meanwhile, Bitcoin's cumulative net buying pressure over 365 days has reached its strongest level since the previous bear market, supporting a bullish rebound, though high leverage remains a risk.
Bitcoin just went through its harshest deleveraging stretch since 2023, on-chain analyst Darkfost (@Darkfost_Coc) says. In that window, Binance open interest fell under its 180-day moving average, and Bitcoin’s biggest long-short liquidations of the current cycle hit.
Binance open interest is now $9.6 billion, back above the 180-day average of $8.3 billion. That makes up about 37% of Bitcoin’s total open interest across all exchanges. And yes, that is higher than the level seen during the May rebound, the one that had earlier lifted BTC back to $82,000.
Using cumulative net buying volume over 365 days — spot buys minus sells — Bitcoin’s current buying pressure is at its strongest point since the last bear market. Darkfost says the adjustment has plainly hurt traders, but signs of market recovery are starting to show. That gives some backing to a bullish rebound. But high leverage is still a problem. It could set off another wave of sharp deleveraging.
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