Bitcoin’s derivatives market underwent its most aggressive leveraged-position purge in three years during one of its largest liquidation cascades. CryptoQuant analyst Darkfost said Binance Bitcoin open interest (the value of active futures contracts) briefly dropped below its 180-day average for the first time since 2023, then recovered to about $9.6 billion versus an $8.3 billion average. Binance represents approximately 37% of Bitcoin’s total open interest, making the exchange an important gauge of market leverage. Market commentator Doctor Profit identified $82,500 as Bitcoin’s pivotal level this week, with a confirmed break potentially opening a path toward $88,000. He flagged $78,500 as the key level before that move and cited $71,000 as the strongest downside support, not an expected target. Bitcoin has already moved above $65,400, $69,000, the bear market resistance bands, $71,500 and the $78,000-$78,500 breakout range, although $82,500 has not yet been confirmed as support. The rapid return of leverage has renewed debate over whether the reset created a healthier market structure or set up another liquidation cascade.