2026-01-15 06:00:33

#数字资产市场动态 The Bitcoin derivatives market shows signs of "deleveraging," and analysts are optimistic that the bottom of the phase is near

Recently, a data analysis from CryptoQuant has attracted attention. They pointed out that from October last year to now, open interest (OI) in Bitcoin derivatives has decreased by 31%, and this continuous decline over the past three months essentially indicates that the market is "self-cleaning."

How to understand this? Simply put, leverage is decreasing. Excessive leverage accumulated is being gradually cleared out, reducing the bubble components in the market.

Crypto analyst Darkos1 interprets this phenomenon using historical patterns — in the past, such deleveraging phases often corresponded with important market bottoms. The cleaner the leverage is cleared, the lower the risk of a liquidation cascade. Conversely, after the cleanup, it becomes easier to form a stable upward trend, laying the foundation for the subsequent bull market.

Of course, analysts have also proposed an alternative scenario: if $BTC continues to weaken and enters a bear market, open interest may further shrink, and the deleveraging cycle could be extended. But the overall consensus is that this three-month deleveraging process likely indicates that the phase bottom is not far off. Once the market structure re-adjusts, the opportunity for a rebound may be right in front of us.

BTC1.75%

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Anon4461

· 5h ago

Clearing leverage is just paving the way; history always repeats itself. Another bottom theory... I've heard it too many times. A 31% drop in OI; if it were really that simple to find the bottom, that would be great. After clearing leverage, will the risk of liquidation really decrease? Why do I still feel uncertain? Could this be another false alarm? Is the bottom not far away? Let's wait and see, brother. In my opinion, it's still too early to say anything right now.

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LightningWallet

· 6h ago

Clear leverage, just clear leverage. Don't tell me those old stories about historical patterns. You said the same last time, and look what happened. Wait... does this mean the bottom is near? I don’t buy it. If you try to trap me again, I’ll go bankrupt, believe it or not. OI has dropped 31%, the data looks okay, but I still feel something's off. Really? Every time they say the bottom is near, it turns out to be a trap. This is the real deleverage cycle. Those previous ones were just child's play. Now it's our turn to buy the dip, right? The rebound opportunity is right in front of us? Friend, all I see are loss orders. I just want to know, is this really not a wolf coming?

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ShibaSunglasses

· 6h ago

Oh no, it's the same old story, bottom bottom, always talking about the bottom. --- Leverage is cleared, so it should go up? I feel like it can still be pushed down further. --- A 31% drop in OI is indeed interesting, but as for historical patterns... if you believe in them, you're probably already financially free haha. --- Wait, is this really a leverage wipeout or are big players just shaking out their positions? Who can tell? --- Here comes the bottom theory again, is it true this time? --- Anyway, I’ll just watch. It won’t be me getting liquidated. --- Clearing leverage = bottom, this logic feels too perfect and actually suspicious. --- The foundation of a bull market? Bro, first get through the bear market before talking about that. --- Sometimes a drop in OI is actually a sign of distribution, don’t get dizzy from analysts’ interpretations. --- Just watch it as entertainment now. When the rebound comes, run. Don’t think about a bull market foundation.

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GhostAddressMiner

· 6h ago

A 31% decrease in open interest? Haha, the on-chain footprint behind this number is quite elaborate... The real chips have long quietly migrated to cold wallets. The leverage you see might just be market makers offloading inventory.

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