Bitcoin leveraged long positions are coming under pressure as downside volatility returns and Binance open interest, which climbed to $8.15 billion on Wednesday, shows signs that crowded futures bets are being unwound. CryptoQuant community analyst BorisD said the relationship between BTC price and Binance open interest suggests a flush-out of long positions built in the low $60,000 zone, with the latest correlation reading at 0.25 after both price and open interest fell on Thursday. That pattern typically signals traders closing positions or being forced out, rather than new money entering the market. The analyst said the market had earlier shown a double-sided squeeze, with dip-buying longs adding exposure while new shorts also entered. CoinGlass data showed $236 million in cross-crypto liquidations over 24 hours at the time of writing. Separately, CryptoQuant CEO Ki Young Ju said "the stars haven’t aligned for a Bitcoin bull run just yet," citing onchain indicators still in bear territory. The view adds to broader signals from analytics firms that Bitcoin remains stuck in a weak phase, even as volatility hints a range breakout may be approaching.