Bitcoin Sees Sharpest Deleveraging Since 2023 as Traders Return

Highlights:

• Bitcoin went through its sharpest deleveraging since 2023 as the latest correction forced leveraged traders out.
• Binance Bitcoin open interest has climbed back to $9.6 billion and remains above its 180-day average of $8.3 billion.
• Darkfost says traders have returned quickly, but rising leverage could spark another sharp wave of liquidations.

Bitcoin (BTC) has recorded its sharpest deleveraging phase since 2023 after the latest correction forced heavily leveraged traders out of the futures market. Despite the sharp reset, activity is already picking up again, with Binance Bitcoin open interest back at $9.6 billion.

CryptoQuant contributor Darkfost shared the data in a September 7 post on X. He said the recent decline in leverage stood out in Binance’s Bitcoin open interest, which briefly dropped below its 180-day average as the correction gathered pace.

🗞️ Bitcoin experienced its sharpest deleveraging since 2023

After a cycle largely dominated by futures volumes, Bitcoin has just gone through its sharpest deleveraging phase since 2023.

This showed up as a marked decline in Binance's Open Interest, which dropped below its… pic.twitter.com/KtSU6C6nWS

— Darkfost (@Darkfost_Coc) September 7, 2026

Bitcoin is trading near $79,356 at the time of writing, down around 0.40% over the past 24 hours. The cryptocurrency also remains about 37% below its October 6, 2025 all-time high of $126,198.

Bitcoin Correction Flushes Out Leveraged Positions

Bitcoin’s latest decline came after a market cycle in which futures trading played a major role. As prices moved lower, traders carrying large leveraged positions were forced to close them, while others were automatically liquidated. Darkfost said the shakeout was a necessary part of clearing excessive leverage from the market.

“Through the correction, the market forces the closure or liquidation of positions that had become too heavy. Whether short or long, it was during this cycle that Bitcoin saw the largest liquidation events in its history,” Darkfost noted.

Open interest measures the total value of futures contracts that are still active. A rapid decline usually occurs when traders close positions or liquidations remove them from the market. The latest drop was particularly strong on Binance. However, the reduction did not keep traders away for long.

Binance Bitcoin Open Interest Returns to $9.6 Billion

According to Darkfost, Binance Bitcoin open interest has recovered to about $9.6 billion. That remains above its 180-day average of $8.3 billion. Binance also accounts for roughly 37% of Bitcoin’s total open interest, showing that the exchange remains a major part of BTC futures trading.

More importantly, current open interest is higher than it was during Bitcoin’s recovery in May. At that time, renewed futures activity helped accompany BTC’s move back toward $82,000. The return of traders is now adding momentum to Bitcoin’s latest rebound. Still, Darkfost warned that leverage can become a problem again if positions build too quickly.

“While this correction phase was tough on traders, they already appear to be back, a sign that’s naturally fueling Bitcoin’s bullish rebound,” he said.

For traders, Binance open interest will therefore remain one of the key metrics to watch. A gradual increase would show that futures activity is returning after the reset. However, another rapid buildup in leverage could leave the market vulnerable to fresh liquidations if Bitcoin makes another sharp move.

Meanwhile, Bitcoin’s spot buying pressure has risen above $83 billion, showing stronger demand as short-term holders also move back into profit.

💥 Bitcoin is experiencing its strongest buying pressure since the last bear market.

This is a net buying pressure calculated in dollars and cumulated over 365 days. It’s the difference between spot buy volume and sell volume across major exchanges.

This figure has now… pic.twitter.com/FIzxW7LMr8

— Darkfost (@Darkfost_Coc) September 6, 2026