- On-chain analyst Darkfost said Bitcoin has passed through its strongest deleveraging phase since 2023.
- He said Binance's Bitcoin open interest (OI) fell well below its 180-day moving average, but remains above the average, indicating that leverage has not disappeared completely.
- Darkfost added that traders' re-entry is helping drive a strong rebound in Bitcoin, but excessive leverage reaccumulation could trigger another sharp deleveraging event and should be monitored closely.
Analysis: Bitcoin Underwent Its Sharpest Deleveraging Since 2023, CryptoQuant Analyst Says
The Bitcoin market has just come through its most intense deleveraging phase since 2023, according to an analysis by on-chain analyst Darkfost.
bloomingbit
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Sep 7, 2026 at 8:31 AM UTC · 1 min de lectura
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bitcoin
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BTC-0.60%$79,414
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The Bitcoin market has just come through its most intense deleveraging phase since 2023, according to an analysis by on-chain analyst Darkfost.
In a CryptoQuant post on September 7, Darkfost wrote that Bitcoin had "just gone through the strongest deleveraging phase since 2023." In a cycle dominated for an extended period by futures trading volume, the recent correction was a process of flushing out accumulated leverage.
That was evident in a sharp drop in Bitcoin open interest on Binance, the world's largest digital-asset exchange. Darkfost said open interest fell far below its 180-day moving average, underscoring the speed and severity of the deleveraging.
Bitcoin moved from $64,860 to $79,413.8 over the last 30-day period, a gain of 22.4 percent.
Source: Kraken · NewsLayer Markets · Updated en unos segundos
He described the move as a necessary correction for the Bitcoin market. During a correction, excessively crowded positions are either forcibly liquidated or closed through investors' stop-loss selling. Across both long and short positions, Bitcoin experienced one of the largest liquidation events in its history during this cycle.
Market Context
Bitcoin
BTC
$79,414
-0.60% (24H)
Market Cap
$1.59T
24H Volume
$18.9B
24H High
$80,541
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