CryptoQuant Analyst: The Bitcoin deleveraging phase has ended, and the futures open interest has returned to an upward trend

CryptoQuant analyst Darkfost tweeted that since October 10 of last year, the Bitcoin derivatives market has undergone an 8-month deleveraging process, with Binance futures positions once falling below the 180-day moving average.

However, this trend began to change in early May. Binance Open Interest rebounded from $6.4 billion in March to approximately $8.96 billion currently, re-establishing itself above the 180-day moving average (around $8.75 billion), marking the basic end of the deleveraging phase.

Darkfost pointed out that traders re-entering the market have provided support for the current rebound, but the macro environment remains severe, and the trend is still relatively weak.