BIT: Bitcoin Leverage Unwinding, Market Enters Phase of Directional Choice

Odaily News Bitcoin futures open interest has decreased from approximately $42 billion in October 2025 to around $21 billion currently, indicating the market has undergone a significant deleveraging process.

Simultaneously, funding rates have recently fluctuated sharply within a range of -12% to +7%, no longer maintaining the previously sustained positive levels, reflecting rapid shifts between long and short forces. Analysis points out that current market leverage is at low levels, meaning even small-scale capital inflows could have an amplified impact on price.

Furthermore, there have been no large-scale liquidations recently; the last concentrated forced liquidation occurred in early February, and the current position structure is relatively stable. In the short term, Bitcoin has not yet formed a clear trend, and the market remains highly sensitive to changes in capital flows and macro events.