In a ChainCatcher report published on November 12, 2026, at 15:10:04 UTC+08:00, CryptoQuant analyst Darkfost said Bitcoin open interest on Binance had fallen 17% in less than a month, from $10.6 billion to $8.8 billion. Over that period, its 180-day moving average rose from $8.4 billion to $8.6 billion.
Darkfost described open interest as having fallen below the moving average, calling it a sign of deleveraging. The reported figures do not establish that crossover: $8.8 billion is above $8.6 billion. The decline in open interest is reported, but the claimed move below the average cannot be verified from the numbers supplied.
The report also cited Binance monthly liquidation totals of more than $1.4 billion in August, $1.1 billion in September and $1.3 billion in October, describing those months as reaching highs not seen since 2021. By the November reporting date, before the month’s first half had ended, liquidations had exceeded $520 million. Darkfost suggested that low volatility may have led some traders to take more risk, leaving them more exposed to reversals; the figures alone do not establish that explanation.
For historical context, the report said a similar signal appeared in June 2026, when Bitcoin was below $60,000, before its price rose above $87,000—a gain of more than 45%. It also noted that deleveraging can last for months in bear markets. That earlier price move does not establish what follows from the November readings. Darkfost’s broader interpretation was that fewer leveraged positions can reduce the risk of cascading liquidations and leave spot demand with a greater role in pricing.