A recent 11.32% decline in 7-day Open Interest (OI) in the derivatives market suggests significant deleveraging, according to CryptoQuant. This reduction in leveraged positions is approaching the 12% threshold often linked to market bottoms, potentially signaling a buying opportunity. Historical patterns show that Bitcoin and Ethereum have seen similar OI declines, with institutions like JPMorgan indicating potential upside for Bitcoin following such corrections. Despite current market fear, the deleveraging phase may be concluding.