Analyst: Binance BTC Futures Open Interest Fell 17% in Less Than a Month; Liquidations Over the Past Three Months Hit the Highest Level Since 2021

深潮 TechFlow reported on November 12 that, according to analyst Darkfost, Bitcoin futures open interest on Binance fell from $10.6 billion to $8.8 billion in less than a month, a decline of about 17%, while the 180-day moving average rose from $8.4 billion to $8.6 billion over the same period. Current open interest is approaching the long-term moving average, indicating that market leverage continues to decline.

Liquidation data show that Binance's monthly liquidation volume over the past three months has reached the highest level since 2021, with August exceeding $1.4 billion, September at about $1.1 billion, and October at about $1.3 billion; November is not yet halfway through, but liquidations have already exceeded $520 million.

Darkfost believes that continued deleveraging helps reduce the risk of cascading liquidations and improves Bitcoin market structure, but the short-term market still faces pressure from leveraged position adjustments.

Source: 深潮 TechFlow