BIT: Bitcoin leverage liquidation, market enters a phase of direction selection

ME News message, on April 8 (UTC+8), the open interest in Bitcoin futures has fallen from about $42 billion in October 2025 to the current level of about $21 billion, indicating that the market has gone through a significant deleveraging cycle. At the same time, the funding rate has recently fluctuated sharply within the range of -12% to +7%, no longer maintaining the previously long-standing positive levels, reflecting rapid switching between long and short forces. Analysts note that the current market leverage level is low, and even relatively small inflows of capital could amplify the impact on price. In addition, there have been no large-scale liquidations recently; the most recent concentrated liquidation occurred in early February, and the current positioning structure remains relatively stable. In the short term, Bitcoin has not yet formed a clear trend, and the market is more sensitive to changes in capital flows and macro events. (Source: ODAILY)