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Analysis: The outstanding contract volume has decreased by 21% in the last 90 days, and the deleveraging process is still ongoing.

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On November 13, CryptoQuant analyst Darkfost stated that the market's deleveraging process is still ongoing, and excess risks are continuously being eliminated, with leverage usage gradually cooling down. In the past three months (90-day change), the volume of open contracts has decreased by 21%. During the adjustments in September 2024 and April 2025, a decline of about -24% and -29% in leveraged positions was observed, which is now approaching levels similar to previous patterns. In a bull run phase, the decline in leveraged positions often precedes trend reversals, helping to clear the market for a healthier rebuilding.

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