Crypto Market Deleveraging Signals Structural Maturity

The cryptocurrency market is undergoing a significant deleveraging phase, with open interest in Bitcoin futures dropping to annual lows of approximately 628,000 BTC. Analysts describe this shift as the 'Great Decompression,' suggesting that the reduction in borrowed capital is fostering a more stable market structure driven by spot demand rather than speculative leverage. This trend is expected to reduce the frequency of violent liquidation cascades, which have historically exacerbated price volatility.