BIT: BTC futures open interest halved, and after leverage liquidation, the market enters a highly sensitive state.

Deep Tide TechFlow message, April 08, according to independent analyst Markus Thielen’s analysis, Bitcoin futures open interest has been sharply reduced from the $42.0 billion peak in October 2025 to the current $21.0 billion, with the market undergoing deep deleveraging. At present, leverage within the venue is clearly on the low side; even inflows of relatively small amounts of capital can have an amplified effect on price. The funding rate has recently swung sharply between -12.6% and +7.1%, with market forces rapidly switching between bulls and bears. In terms of the liquidation layer, the most recent concentrated liquidation event occurred on February 6; prior leverage had largely already been cleared, and the positioning structure is relatively healthy. In the short term, Bitcoin has not yet formed a clear directional trend, but the market is in a highly sensitive state—any capital inflow or narrative shift could trigger price movements beyond expectations.