Bitcoin open interest on Binance fell 17% in less than a month, from $10.6 billion to $8.8 billion, according to CryptoQuant analyst Darkfost. In a report published by BlockBeats on November 12, 2026, at 15:09 UTC+8, Darkfost said the decline had taken open interest below its 180-day moving average, which rose from $8.4 billion to $8.6 billion over the same period. The analyst described the crossover as a signal of renewed deleveraging.
Darkfost said such signals have often appeared near the end of market corrections during bull markets, as traders reduce leveraged exposure through voluntary closures or forced liquidations. The analyst cautioned that deleveraging can instead last for months in a bear market. A similar signal appeared in June 2026, when Bitcoin was below $60,000; it subsequently rose above $87,000, a gain of more than 45%. That earlier outcome does not establish what will happen this time.
Liquidations have accompanied the recent drop in open interest. According to the report, Binance recorded more than $1.4 billion in liquidations in August, $1.1 billion in September and $1.3 billion in October, with each month’s total described as a high not seen since 2021. November liquidations had already exceeded $520 million before the month’s midpoint. Darkfost suggested that low volatility may have led some traders to take greater risks, leaving them more exposed to reversals.
The figures illustrate the losses leveraged positions can incur. Darkfost also argued that reducing those positions could lower the risk of cascading liquidations and give spot demand a greater role in pricing. Whether that produces a more stable market remains uncertain.