Analysts: The contract market has shown "deleveraging signals" over the past three months, and the reshaping of the market structure may indicate the formation of a bottom.

CryptoQuant, a cryptocurrency data platform, stated that open interest in Bitcoin derivatives has been declining over the past three months, indicating a gradual decrease in market leverage, which creates conditions for a bullish shift in the overall market structure. Since October of last year, Bitcoin derivatives open interest (OI) has fallen by 31%, a "deleveraging signal" that helps eliminate excessive leverage accumulated in the market. The platform cited crypto analyst "Darkfost" as saying, "Historical data shows that such deleveraging phases often mark the formation of important bottoms, effectively resetting the market structure and building a more solid foundation for a potential bull market recovery." The analyst believes this pattern may be repeating itself, but added that if Bitcoin continues to fall and fully enters a bear market, "open interest may shrink further, meaning a deeper deleveraging adjustment and continuation of the corrective trend."