Bitcoin (BTC) futures open interest (OI) fell sharply following a correction on Friday, October 10th. This figure fell from $47 billion to $35 billion, a level the indicator was last seen in July 2025.
This $12 billion reduction is One of the biggest corrections in leveraged positions in recent years Reflects a partial normalization of market sentiment.
The following CryptoQuant graph better illustrates the decline in Bitcoin open interest.
OI is an indicator that measures the total number of active long (bullish) or short (bearish) positions in a particular contract. In the case of Bitcoin, the collapse of open interest means that the derivatives market has been “deleveraged”. This means that many speculative positions were unwound after the price drop. This reduces the pressure of forced liquidation and eliminates excessive risk.
According to an analyst known as EgyHash, this is only a “partial normalization of market sentiment.” Opens up the possibility of a more stable recoverydriven by actual purchases in the spot market, rather than leveraged bets.
During the October 10 crash reported by CriptoNoticias, funding rates also fell and briefly turned negative, but they have since recovered to slightly positive levels, suggesting that the extreme selling pressure has dissipated. At the same time, the estimated leverage ratio (ELR) also declined, indicating that traders reduced their exposure in derivatives.
CryptoQuant Community Analyst aka Darkfost explains the intensity of Friday’s moves: May have a positive impact in the medium termliquidated “significant futures positions and margin loans.”
Dirkforst said the changes could “drive more organic growth” and be less reliant on leverage in the coming weeks.
(Tag translation) Bitcoin (BTC)
