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      Analyst: Bitcoin Experiences Sharpest Deleveraging Since 2023

      PANews, September 7 – Cryptoquant analyst Darkfost noted that Bitcoin has experienced its most severe deleveraging since 2023. Binance's Bitcoin open interest (OI) has dropped significantly, falling below the 180-day moving average. The market has completed its adjustment through forced liquidations or the clearing of overly heavy positions, and this cycle has also seen the largest liquidation event in Bitcoin's history. Despite this, Binance's open interest remains as high as $9.6 billion, above the 180-day average of $8.3 billion, accounting for approximately 37% of total Bitcoin open interest. This level is higher than that seen during the rebound in May, which itself had pushed Bitcoin's price back to $82,000. Traders have now re-entered the market, driving a Bitcoin rebound. However, caution is needed as excessive leverage could once again trigger severe deleveraging.


      Source: PANews
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