#数字资产市场动态 The Bitcoin derivatives market has shown an interesting signal in the past three months — open interest has been continuously declining. According to data from on-chain analytics platforms, since October last year, open interest has dropped by 31%, which actually reflects the market gradually "deleveraging."

It may sound a bit dull, but the interesting part behind this is that historically, whenever such large-scale deleveraging occurs, it is often accompanied by significant shifts in market structure. Crypto analyst Darkfost pointed out that these adjustments usually mean the market is clearing excessive speculative positions, laying the groundwork for a subsequent rebound — in simple terms, resetting the market landscape.

Of course, things could also develop in the opposite direction. If $BTC continues to face downward pressure, open interest might further shrink, indicating that a deeper correction is still underway. So, at this moment, the market is oscillating between bottom formation and ongoing adjustment — the key will still be how the price performs next.