[Open Interest Declines by 21% Over the Past 90 Days, Deleveraging Continues] CryptoQuant analyst Darkfost stated that the market's deleveraging process is still ongoing, with open interest declining by 21% over the past three months and leveraged positions significantly reduced. During the adjustments in September 2024 and April 2025, leveraged positions decreased by approximately -24% and -29%, respectively, with current levels approaching previous patterns. The analysis pointed out that during bull market phases, a decline in leveraged positions often precedes trend reversals, helping the market rebuild on a healthier foundation.