Bitcoin Open Interest Drops Below Half of July Peak as Market Deleveraging Continues

TL;DR Bitcoin open interest has dropped from nearly $45 billion to $20.4 billion, reflecting a major reduction in market leverage. The decline followed several liquidation events that gradually unwound leveraged futures positions. Bitcoin’s price and open interest have fallen at a similar pace, pointing to an orderly deleveraging process. Despite the sharp reduction in leverage, [...]

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