Crypto Leverage Still Down 50% After October’s Black Friday Crash, CoinGecko Shows

Crypto leverage remains sharply below its 2025 peak months after October’s market-wide liquidation shock, according to CoinGecko’s State of Crypto Perpetuals Report 2026. Total crypto open interest fell from a peak of $210 billion on October 7, 2025, just before the October 10 liquidation event, to $99.09 billion by April 2026. That leaves market-wide open
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