BTC 1-hour down 0.67%: Derivative high leverage pressure causes short-term passive position reduction

2026-04-02 01:00 to 2026-04-02 02:00 (UTC), the BTC market return rate recorded -0.67%, with the price trading sideways in the 67639.7 to 68595.1 USDT range, reaching an amplitude of 1.39%. Against the backdrop of ongoing mid-term price correction, volatility in the BTC market during this period has drawn strong attention from speculative, long-position, and sidelined capital, and the overall market sentiment shows heightened caution and increased volatility.

The main driving force behind this price decline comes from the high-leverage structure in the derivatives market. Total futures open interest has remained continuously at a high level of $180–200 billion, with significant leverage buildup among longs. The funding rate rose to as high as +0.51% at one point. When the price lacks strong buy-side support, leveraged long positions face continuous carry-cost pressure, leading to passive de-risking or partial liquidation events, thereby amplifying BTC’s short-term downside move. Within the abnormality window, there were no abnormal large transfers on-chain or concentrated sell-offs, confirming that this market adjustment was dominated by the derivatives leverage structure rather than by a single whale.

In addition, monthly data shows that in the US region and the EU region, BTC prices net fell by $2,877.38 and $2,242.50 over the past 30 days, respectively, indicating that investors across multiple global regions have collectively entered a pullback cycle. Meanwhile, after the increase in whale holdings throughout 2025, the growth rate of major large holdings has slowed from the beginning of 2026 to date, while some mid- and small-sized holders have reduced their positions one after another, causing overall sidelined sentiment to heat up. On-chain statistics show that the number of BTC net flows to exchanges has risen slightly; spot-market buy-side momentum has weakened; and leverage deleveraging at the derivatives end resonates with spot sell-pressure, supporting this round of price adjustment. In the options market, the call/put ratio did not show extreme readings, reflecting that the market’s main players primarily focus on hedging and risk appetite remains cautious.

With both high funding rates and high open interest currently in place, if buy-side demand does not recover in the short term or market sentiment reappears as volatility, there is still risk of further leverage deleveraging and additional price downside. Investors should closely monitor derivatives funding rates, changes in open interest, and shifts in on-chain exchange inflows, while also keeping an eye on the macro policy and the market confidence repair process to mitigate the risk that passive de-risking on the short term could spread. For more real-time market updates and data changes, it is recommended to continue tracking developments ahead.