In a report published on November 12, 2026, at 15:05 (UTC+8), PANews cited CryptoQuant analyst Darkfost’s claim that Binance futures data pointed to another wave of deleveraging. The claim rests on falling Bitcoin open interest and liquidation totals—not on a confirmed forecast of what happens next.
According to Darkfost, BTC open interest on Binance fell 17%, from $10.6 billion to $8.8 billion, in less than a month. Over the same period, its 180-day moving average rose from $8.4 billion to $8.6 billion. Darkfost described open interest falling below that average as a new deleveraging signal.
Darkfost also said Binance recorded its highest monthly liquidation totals since 2021 over the preceding three months: more than $1.4 billion in August, $1.1 billion in September and $1.3 billion in October. By the November 12 report, November liquidations had exceeded $520 million.
The analyst said this signal has typically appeared near the end of corrections during bull markets, as traders reduce leveraged exposure voluntarily or through liquidation. That is Darkfost’s interpretation of the pattern, not confirmation that the current correction is ending.