Bitcoin’s Estimated Leverage Ratio on Binance fell to approximately 0.1976, its lowest level since last June, while Bitcoin traded near $76,000. Futures open interest declined 13.5%, or 43,346 BTC, from 321,497 BTC on Sept. 3 to 278,151 BTC on Sept. 11, while Bitcoin’s price fell about 5%. The reported 13.5% decline reflects the Sept. 3-11 period, while the broader roughly 14% decline cited elsewhere covers a different measurement window. Santiment attributed the larger reduction in open interest than in price to continued deleveraging, or the reduction of leveraged positions, as traders awaited a U.S. Senate cloture vote on the Clarity Act on Sept. 15 and a Federal Reserve interest-rate decision on Sept. 16. Open interest remained about 20% below its level before the mid-August rally, although it rose modestly for two consecutive days after Sept. 11. The broader 2026 deleveraging trend has generally involved orderly unwinds rather than panic-driven liquidation cascades.