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

ME News update, April 8 (UTC+8): Bitcoin futures open interest has fallen from about $42 billion in October 2025 to the current level of about $21 billion, indicating the market has undergone a significant deleveraging cycle. At the same time, the funding rate has recently swung sharply within the -12% to +7% range, no longer holding the previously sustained positive level, reflecting rapid switching between long and short forces. Analysts note that the current market leverage level is low, and even small inflows of capital may have an amplified impact on prices. In addition, there have been no large-scale liquidations recently; the most recent concentrated forced liquidations 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 relatively sensitive to changes in capital flows and macro events. (Source: ODAILY)