November 13th, CryptoQuant analyst Darkfost stated that the market's deleveraging process is still ongoing, excess risk is being gradually cleared, and leverage usage is cooling off. Over the past three months (90-day change), the open interest of futures contracts has decreased by 21%. During the adjustment periods in September 2024 and April 2025, approximately -24% and -29% leverage declines were observed, and it is now approaching levels similar to the previous pattern. In the bull market phase, leverage position reductions often precede trend reversals, helping clean up the market and rebuild it on a healthier basis.