After the enormous October 2025 crypto crash that wiped out over $19 billion in leveraged positions, new data reveals that market leverage is substantially decreasing. Bitcoin’s open interest and leveraged trades have sharply dropped, indicating deleveraging and greater market caution, while Ethereum's leverage remains relatively higher but is also showing signs of adjustment. This decline in excessive leverage may reduce systemic risk and pave the way for a steadier recovery in the crypto market.