[Analysis: Bitcoin's 8-Month Deleveraging Period Ends, Binance Open Interest Returns to 180-Day Moving Average] CryptoQuant analyst Darkfost posted on the X platform, stating that Bitcoin traders are making a comeback after approximately 8 months of deleveraging. Since the event on October 10 last year, Bitcoin has undergone a prolonged deleveraging phase in the derivatives market, characterized by Binance futures open interest falling below the 180-day moving average. This phase lasted about 8 months, with the last similar occurrence happening during the 2022 bear market, prior to the FTX collapse. Since early May, Binance open interest has risen from $6.4 billion in March to the current approximately $8.96 billion, surpassing the 180-day moving average of around $8.75 billion, marking the end of the deleveraging period. Investors returning to the derivatives market have driven the current upward correction, but with the macroeconomic environment continuing to deteriorate, this trend remains fragile.