BIT: Bitcoin leverage clearing out, market enters a phase of directional choice.

Bitcoin futures open interest has decreased from approximately $42 billion in October 2025 to approximately $21 billion currently, indicating a significant deleveraging process in the market. Meanwhile, funding rates have recently fluctuated sharply between -12% and +7%, no longer maintaining their previous long-term positive levels, reflecting a rapid shift in bullish and bearish forces. Analysts point out that current market leverage is low, meaning even small inflows of funds can amplify their impact on prices. Furthermore, there have been no large-scale liquidations recently; the most recent concentrated liquidation occurred in early February, and the current position structure is relatively stable. In the short term, Bitcoin has not yet formed a clear trend, and the market is highly sensitive to fund flows and changes in macroeconomic events.