Leon Poole

Total open interest tanked on October 10th during that massive liquidation event and has simply been bleeding lower ever since. Wild to see, but also a good thing for the general health of the market. Without significant leverage in the system, mass liquidation events like the one we saw on October 10th don't have the "fuel" necessary to occur again. Our last major de-leveraging event began when Bitcoin was at 90k for the first time in December of '24, and ended with BTC at 74k in April and 33% less OI in the system. What followed that de-leveraging event was a rally to 112k over the next 1.5 months and then ultimately continuation to our last highs at 126k. The current de-leveraging event from 126k to 80k has resulted in a 40-50% decrease in OI thus far...