#市场过度杠杆已被出清 $BTC $ETH 🎁🎁🎁$BNB 2025 In October 2023, the cryptocurrency market experienced a large-scale deleveraging event, with excessive leverage being cleared out.
Research and brokerage firm K33 stated that this deleveraging event is one of the largest liquidation waves in modern history. On October 10, the open interest of Bitcoin perpetual contracts plummeted by nearly 50,000 BTC (18.6%), marking the largest single-day drop since August 2023, with at least $16.7 billion in leveraged long positions wiped out, and open interest falling back to second-quarter lows. Altcoins also suffered severe blows, with their relative leverage in perpetual contracts dropping from 4.1% to 3.2%, a decrease of 91 basis points, equivalent to a nominal leverage decline of 22.1%, the most significant contraction in four years.
K33's research director Vetle Lunde believes that this deleveraging is “constructively bullish,” as months of accumulated excessive leverage have been cleared, and a new upward foundation is in place. Although this event may lead to many traders going bankrupt and some funds may be affected, historically, such deleveraging phases often signify that the market has reached a point of exhaustion, and once the market stabilizes, it will create favorable conditions for a long-term recovery.
