Analysis: Open interest has decreased by 21% in the past 90 days, indicating that the deleveraging process is still ongoing.

According to CryptoQuant analyst Darkfost, the deleveraging process in the market continues, with excess risks being cleared and leverage use gradually cooling down. Open interest has decreased by 21% over the past three months (90-day change), and during the corrections in September 2024 and April 2025, leveraged positions saw declines of approximately -24% and -29%, respectively, and are now approaching levels similar to previous patterns. In bull markets, declines in leveraged positions often precede trend reversals, helping to cleanse the market and rebuild it on a healthier foundation.