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

Liquidation data shows that monthly liquidations on Binance over the past three months reached their highest levels since 2021: more than $1.4 billion in August, about $1.1 billion in September, and about $1.3 billion in October. November is not yet halfway over, but liquidations have already exceeded $520 million.

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