BTC futures market has not recovered from record October liquidation, says analyst

The BTC futures market has not fully recovered from the largest-ever liquidation event that occurred on Oct. 10 of last year, according to on-chain analyst Darkfost. In a post on X, he noted that open interest on major exchanges dropped by 71,000 BTC in a single day, with positions worth over $11 billion in nominal value being liquidated. Darkfost added that market conditions have remained challenging since, with traders showing caution in increasing their position sizes. He pointed out that, excluding the Chicago Mercantile Exchange (CME), BTC-denominated open interest on other platforms has yet to return to its pre-Oct. 10 levels. However, he explained that Binance's open interest has recovered, surpassing its pre-liquidation levels, and its market share has increased from 30% to 36%. This suggests that investors have been favoring more liquid platforms since the incident.