QUANTUM.FEED
Friday, Feb 13, 2026
Market Alert
BITCOIN LEVERAGE
BITCOIN LEVERAGE
HAS LEFT THE BUILDING.
The speculative foam is gone. Perpetual futures Open Interest (OI) remains 51% below its October peak, signaling a complete reset of trader conviction.
The “De-Leveraging” Visualized
OCT 2025
JAN 2026
FEB 13
ANALYSIS: The recovery lacks momentum because the “easy money” is gone. In late 2025, price action was driven by degenerate leverage (borrowed money). Today, that liquidity has been flushed out.
While painful, this is healthy. A market with $40B in Open Interest is far harder to manipulate than one with $95B. We are entering a “conviction phase”—where only the spot buyers remain.
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