Analysis: The Bitcoin derivatives market has not yet fully recovered from the historic liquidation event of last October.

CoinFeed reported on June 1st that CryptoQuant analyst Darkfost wrote on the X platform that the Bitcoin derivatives market has not yet fully recovered from the historic liquidation event of October 10th last year. On that day, nearly 71,000 BTC were wiped from open interest on major exchanges, with positions worth over $11 billion in notional value liquidated or closed within hours. Binance at the time accounted for approximately 30% of the market's total open interest. Since then, the market environment has remained challenging, with traders becoming more cautious before rebuilding their exposure. The open interest in BTC-denominated Bitcoin derivatives (excluding CME) has never recovered to pre-October 10th levels. On October 9th, total open interest was approximately 375,000 BTC, while currently it is approximately 351,000 BTC, a gap of over 24,000 BTC. However, Binance is an exception.