#数字资产市场动态 The Bitcoin derivatives market shows signs of "deleveraging," and analysts are optimistic that the bottom of the phase is near

Recently, a data analysis from CryptoQuant has attracted attention. They pointed out that from October last year to now, open interest (OI) in Bitcoin derivatives has decreased by 31%, and this continuous decline over the past three months essentially indicates that the market is "self-cleaning."

How to understand this? Simply put, leverage is decreasing. Excessive leverage accumulated is being gradually cleared out, reducing the bubble components in the market.

Crypto analyst Darkos1 interprets this phenomenon using historical patterns — in the past, such deleveraging phases often corresponded with important market bottoms. The cleaner the leverage is cleared, the lower the risk of a liquidation cascade. Conversely, after the cleanup, it becomes easier to form a stable upward trend, laying the foundation for the subsequent bull market.

Of course, analysts have also proposed an alternative scenario: if $BTC continues to weaken and enters a bear market, open interest may further shrink, and the deleveraging cycle could be extended. But the overall consensus is that this three-month deleveraging process likely indicates that the phase bottom is not far off. Once the market structure re-adjusts, the opportunity for a rebound may be right in front of us.