Bitcoin futures open interest has been cut in half; after leverage clearing, the market has entered a highly sensitive state.

Mars Finance news: According to independent analyst Markus Thielen’s analysis, bitcoin futures open interest has been sharply reduced from the 2025 high of $42 billion to the current $21 billion, as the market has undergone deep deleveraging. Current on-exchange leverage is clearly on the low side; even small inflows of capital can amplify price movements. The funding rate has recently been swinging violently between -12.6% and +7.1%, with market power quickly switching between long and short sides. In terms of the liquidation layer, the most recent large-scale liquidation occurred on February 6; the prior leverage had already largely been cleared, and the positioning structure is relatively healthy. In the short term, bitcoin has not yet formed a clear directional trend, but the market is in a highly sensitive state; any capital inflow or narrative shift could trigger price volatility beyond expectations.