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Bitcoin faced renewed deleveraging pressure on Binance as open interest dropped again while price action continued to weaken. Traders monitored the sharp decline through November since the exchange recorded repeated risk unwinding phases.
CryptoQuant’s latest chart showed another red cluster as open interest fell below its recent trend and signaled rising market stress. The decline built on earlier drops that started in October when deleveraging first appeared across several derivative pairs.
The latest signal aligned with a broader cooldown that touched multiple exchanges. Binance showed the most visible clusters, as each red band matched forceful position reductions. BTC traded near the mid-$90,000 zone during the latest signal. The price moved lower as traders trimmed exposure and futures markets saw faster unwinds.
Open interest formed the core of the new signal. The chart displayed repeated contractions as each drop triggered a fresh red zone. The current wave followed the long squeeze seen in early November. Traders reduced leverage quickly and created a thin derivatives environment.
The open interest metric stood near 2 billion dollars. The 180-day moving average trended higher earlier, yet the latest downturn pushed values below the curve. This shift created fresh caution as traders adjusted their positioning strategies. The reaction showed strong links between falling open interest and short-term BTC softness.
The chart revealed a clear pattern. Each red block matched a notable drop in open interest. These clusters appeared during September 2023, mid-2024, early 2025, and again in late 2025. Each phase brought sharp pullbacks in market activity.
The latest cluster shared strong similarities with older periods. Bitcoin usually dropped during such phases as derivative markets unwound risk. Traders often stepped out of long exposure until open interest formed fresh floors. The past cycles showed recovery only after extended red zones ended and spot buyers returned.
Bitcoin slipped sharply during the current deleveraging period. The price dropped from the highs seen earlier in the quarter. Charts showed BTC sliding along the upper trend before dipping near $92,000. The drop aligned with shrinking open interest as traders closed out leveraged bets.
Market participants watched the depth of futures activity because each decline increased the risk of further downside. Derivatives liquidity turned thinner, and this shift affected volatility patterns. The broader market stayed cautious as each unwinding wave signaled weakening confidence.
CryptoQuant analysts pointed out that deleveraging phases often show up when open interest collapses sharply. The same conditions shaped this latest period. Traders treated the red clusters as early warnings since they usually preceded deeper liquidity resets.
Market observers also tracked the timing of the drops. Each contraction appeared shortly after price weakness, which indicated fast trader reactions. Therefore, analysts expected continued caution until open interest formed a new base.
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Binance recorded another clear deleveraging wave as open interest dropped sharply while BTC extended its decline. The contraction mirrored earlier periods where traders unwound risk after major moves. Market participants now monitor open interest closely because each shift influences short-term BTC direction and signals the intensity of trader confidence.
