Bitcoin’s (BTC) futures market reflects a possible price cooldown after the cryptocurrency’s multiple weeks of correction. Data from CryptoQuant indicated that the BTC-USDT futures leverage ratio with respect to open interest (OI) has halved since peaking in early 2025.
Bitcoin estimated futures leveraged ratio. Source: CryptoQuant
This significant de-leveraging has occurred because of massive liquidations over the past few weeks, which has effectively taken a majority of traders out of the market. Thus, the current market conditions indicate a healthier market reset, which is not overheated and could potentially pave the way for a steady price recovery.
Bitcoin’s open interest dropped 28% from $71.8 billion on Dec. 18 to $51.8 billion on April 8. This underscores the magnitude of the current deleveraging event. Although this may induce short-term volatility, as few market players might