Bitcoin Traders Re-Enter After Eight-Month Deleveraging Ends Near $77,500

Bitcoin is consolidating near $77,500 after failing to hold gains above $78,000. Binance futures open interest has climbed to $8.96 billion, crossing its 180-day average and marking the end of an eight-month deleveraging cycle that began after the October 2025 sell-off. Long-term holder supply reached a near-record 16.3 million BTC while aggressive buying on Binance hit its highest level since 2020, yet a deeply negative Coinbase premium and $322 million in one-hour liquidations show persistent U.S. selling pressure and leverage risks remain. The SEC’s approval of Nasdaq Bitcoin Index options on May 23 adds a new layer of institutional infrastructure amid the rebound in trader positioning.