Bitcoin sees sharpest deleveraging since 2023: CryptoQuant

TREE NEWS reports: Bitcoin experienced its most severe deleveraging since 2023. Binance’s open interest dropped sharply, falling below its 180-day average, with the cycle witnessing the largest liquidation event in Bitcoin’s history. Despite this, Binance OI remains high at $9.6 billion, above the 180-day average of $8.3 billion, and accounts for about 37% of total Bitcoin OI. Traders have re-entered, fueling a rebound, but excessive leverage could trigger another sharp deleveraging.