Bitcoin futures open interest has halved, and after the leverage has been cleared, the market has entered a highly sensitive state

According to independent analyst Markus Thielen, Bitcoin futures open interest has significantly reduced from a peak of $42 billion in 2025 to the current $21 billion, indicating a deep deleveraging in the market.

Currently, on-site leverage is notably low, and small inflows of capital can have an amplified effect on prices; the funding rate has recently fluctuated sharply between -12.6% and +7.1%, with rapid switching between long and short positions. In terms of liquidation, the last concentrated forced liquidation occurred on February 6, and the previous leverage has basically been cleared, resulting in a relatively healthy position structure.

In the short term, Bitcoin has not yet formed a clear directional trend, but the market is in a highly sensitive state, and any inflow of capital or narrative shift could trigger unexpected price volatility.