CryptoQuant: Bitcoin Open Interest Declines by $12 Billion in a Week

The crypto market has experienced its biggest correction in recent years, according to CryptoQuant.
Funding briefly dropped below zero.
Bitcoin open interest fell to $35 billion.

The cryptocurrency market has experienced one of the most powerful corrections in recent years. CryptoQuant analysts believe the aftermath of this event could continue to impact market dynamics for several months to come.

Bitcoin's Biggest Reset: Pain Today, Gain Tomorrow?

“The recent capitulation has effectively reset leveraged positioning across the board. Historically, such large-scale deleveraging events have often preceded significant uptrends in the long term.” – By @EgyHashX pic.twitter.com/foCGdwOniE

— CryptoQuant.com (@cryptoquant_com) October 13, 2025

Experts analyzed the decline and noted that open interest in Bitcoin has fallen from $47 billion to $35 billion—one of the largest declines in recent memory and a sign of a massive exit from leveraged positions.

Furthermore, according to their data, during the market capitulation on the night of October 11, funding rates briefly turned negative, but have now stabilized at a moderately positive level. This indicates a partial recovery in trader sentiment, the statement said.

The leverage ratio (ELR), which reflects the average level of leverage relative to exchange reserves, has also declined significantly, analysts noted. After peaks last recorded in 2022, the indicator has plummeted, indicating a process of de-leveraging in the derivatives market.

Another signal was the decline in the SSR (Stablecoin Supply Ratio), which compares Bitcoin's market capitalization to the combined market capitalization of all stablecoins. The value fell to its lowest level since April, which could indicate an increase in purchasing power in the market, according to CryptoQuant.

Coin360 also confirmed that funding has fallen to levels last seen during the 2022 market crash. The analysts emphasized: