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Analyst: The weekend trend in the crypto market is a "deleveraging" rebound rather than a reversal

MarsBitNews
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Mars Finance News, on June 8th, crypto market analyst Axel Adler Jr. stated that last Friday (June 5th), the market experienced the most intense sell-off of the month, with net order book depletion reaching -$236 million, and Bitcoin's price briefly touching a low of $60.5k. However, on June 7th, proactive buying began to return, with an approximately $62 million net buy impulse spike within an 8-hour window from 00:00 to 08:00 (UTC). On June 8th, buying continued to flow in, adding about $32 million, pushing the price up from the low point by approximately 3.7%, rebounding to around $62.7k. In the short term, order flow has shifted toward demand, but the derivatives market has not yet confirmed this trend. Despite the price recovery, open interest in futures contracts decreased from a peak of $1.65 billion on June 7th to $1.55 billion, a decline of about 6%. Over the past 24 hours, the funding rate has been positive, fluctuating roughly between +0.001% and +0.020%. Axel stated, "The combination of rising prices, decreasing open interest, and positive funding rates" usually indicates that the market is deleveraging, with old positions being closed, and new leveraged longs have not yet entered to establish new positions. Therefore, although order flow confirms a return in demand, the continuously declining open interest suggests that this demand has not yet been supported by new positions. The key conclusion today (June 8th) is that this rebound is genuine, but on a leverage level, it is "hollow"—a deleveraging rebound rather than a full reversal accompanied by new leveraged capital inflows. To confirm a trend reversal, we need to see prices continue to rise while open interest also begins to increase.
BTC3.63%
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