[Analyst: Bitcoin Experiences the Most Intense Deleveraging Since 2023] Cryptoquant analyst Darkfost stated that Bitcoin has undergone the most intense deleveraging since 2023. Binance's Bitcoin open interest (OI) has significantly declined, falling below the 180-day moving average. The market has adjusted through forced liquidations or clearing of over-leveraged positions, with this cycle witnessing the largest liquidation event in Bitcoin's history. Nevertheless, Binance's open interest remains as high as $9.6 billion, exceeding the 180-day average of $8.3 billion and accounting for approximately 37% of Bitcoin's total open interest. This level is higher than during the rebound in May, which itself had driven Bitcoin's price back up to $82,000. Currently, traders have re-entered the market, driving a Bitcoin rebound. However, caution is advised as excessive leverage could once again trigger intense deleveraging.