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Bitcoin Recovers Over Weekend But Open Interest Falls 6%, Signaling Deleveraging Not Trend Reversal

Derivatives Data Market Analysis

2026-06-08 21:02:10

BTC3.28%

According to on-chain analyst Axel Adler Jr., Bitcoin's recovery over the weekend was a technical rebound from deleveraging rather than the start of a sustained uptrend. While BTC price rose, Open Interest in Bitcoin futures declined by approximately 6%, falling from $1.65 billion to $1.55 billion over the past 24 hours. The analyst noted that funding rates remained positive, ranging from +0.001% to +0.020%. This pattern of rising prices, falling open positions, and positive funding rates indicates the market is deleveraging—existing positions are being closed, but new leveraged long positions have not yet significantly entered, suggesting the recovery lacks sufficient momentum for a true trend reversal.

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