[Analyst: Binance's Highest Liquidation Volume Since 2021 Signals a New Wave of Deleveraging] CryptoQuant analyst Darkfost wrote that Binance's record liquidation volume since 2021 indicates a new wave of deleveraging. In less than a month, BTC open interest on Binance fell from $10.6 billion to $8.8 billion, a drop of 17%, while its 180-day moving average rose from $8.4 billion to $8.6 billion. With open interest falling below the moving average, a new deleveraging signal is emerging. Darkfost points out that in a bull market, this signal typically appears at the end of a pullback, reflecting traders reducing their leverage exposure due to voluntary liquidation or forced liquidation. Over the past three months, Binance has recorded its highest monthly liquidation volume since 2021: over $1.4 billion in August, $1.1 billion in September, $1.3 billion in October, and over $520 million in November before even reaching the halfway point.