According to data from CryptoQuant analyst Darkfost, Binance’s monthly liquidation volume over the past three months has been at its highest level since 2021: it exceeded $1.4 billion in August, was around $1.1 billion in September, and approximately $1.3 billion in October, while November’s total has already surpassed $520 million. Meanwhile, open interest in Binance BTC futures fell from $10.6 billion to $8.8 billion in less than a month, a decline of around 17%. Darkfost believes the market is entering a new round of deleveraging, as traders’ voluntary position closures and forced liquidations are reducing leverage risk. Similar signals have historically appeared in the later stages of market corrections, but they do not mean that this correction is over.