According to CoinMeta, as analyzed by analyst Darkfost, Bitcoin has recently undergone the most intense deleveraging phase since 2023, with the open interest once falling below the 180-day moving average. Currently, the open interest is around $9.6 billion, which is higher than the 180-day average of $8.3 billion and accounts for about 37% of Bitcoin's total open interest. One of the largest liquidation events in Bitcoin's history occurred during this cycle. Although this pullback has put pressure on traders, they seem to have re-entered the market, driving a rebound in BTC. Darkfost warns that excessive market leverage could trigger another round of intense deleveraging.