In a report published on November 12, 2026, at 15:05 (UTC+8), PANews cited CryptoQuant analyst Darkfost’s assessment of deleveraging on Binance. Darkfost said the exchange had recorded its highest liquidation volumes since 2021.
Binance BTC open interest fell from $10.6 billion to $8.8 billion in less than a month, a decline of 17%. Over the same period, its 180-day moving average rose from $8.4 billion to $8.6 billion. Darkfost described open interest falling below that average as a new deleveraging signal. The reported endpoint figures do not show that crossover: $8.8 billion remains above $8.6 billion.
Darkfost said that, during bull markets, this signal has typically appeared near the end of a correction as traders reduce leveraged exposure through voluntary closures or liquidations. According to the report, Binance recorded more than $1.4 billion in liquidations in August, $1.1 billion in September and $1.3 billion in October. November’s total had exceeded $520 million before the month’s midpoint.