Analysis: The market has already undergone a deep deleveraging process; Bitcoin awaits a directional move.

CoinFeed reported on April 8th that, according to BIT analysis, Bitcoin futures open interest has plummeted, shrinking from $42 billion in October 2025 to the current $21 billion, indicating a deep deleveraging process in the market. Currently, leverage is significantly low, meaning even small inflows can amplify price movements. Funding rates also reflect this signal; they have recently fluctuated wildly between -12% and +7%, no longer maintaining positive values ​​for extended periods, suggesting a rapid shift in bullish and bearish forces. Liquidation data shows that despite continued geopolitical tensions, there has been no large-scale liquidation. The most recent concentrated liquidation occurred on February 6th, more than two months ago, indicating that previous leverage has been largely cleared and the position 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.