#数字资产市场动态 Contract Open Interest Shrinks Significantly, Bitcoin's Deleveraging Trend Becomes Apparent

According to data from on-chain analytics platforms, the scale of Bitcoin derivatives open contracts has shrunk by nearly 30% from the October 2022 historical high of $15 billion.

This significant deleveraging process is actually quite meaningful. Excess leverage positions accumulated in the market are being gradually squeezed out. Historically, a sharp contraction in open interest often indicates that a bottom is slowly forming. Once the leveraged positions are cleared, the foundation for a rebound will be more solid.

What’s more eye-catching is the current situation—prices are rising, but the contract scale is decreasing. This most likely indicates that short positions are being passively liquidated, a typical "short squeeze" pattern. Moreover, this rally is mainly driven by spot buying power, not fake market movements created by leverage, making this increase more genuine and valuable.

But don’t get too optimistic. Derivatives data analysis agencies point out that the market is still far from entering a structural bull phase. The current rebound is more like a passive response to price volatility. If the price weakens again, open interest may continue to shrink, and the adjustment cycle could lengthen.

In reality, short-term selling pressure is expected to gradually ease, and the spot-driven rebound is indeed worth paying attention to. However, to ignite a true major rally, more signals from fundamentals and capital flows are needed to cooperate. $BTC