Analysts: Bitcoin derivatives leverage has not yet cleared, rebound or face selling pressure

On June 28, crypto analyst Murphy issued a document stating that the funding fee was positive, and the average on the 7th long term paid US$79,000 per hour to short positions, which was higher than on June 17. This shows that the long positions in perpetual contracts are always the active party and are willing to pay a premium to maintain and open multiple orders. Compared with the price decline in February, funding turned negative, and OI fell. The three were consistent. The bulls were washed out, which was a clean deleveraging. This structure often corresponds to a phased bottom. Now the price is falling, funding is positive, and OI is rising instead of falling. The three point to the same behavior: bulls are losing while adding positions, and new leverage continues to enter the market. The market regards US$60,000 as the buying point, which means that the group judges "here is the bottom" and uses leverage to express this judgment. The problem is that this combination of high OI, positive rates and weak prices is inherently fragile, and these bulls who refuse to admit defeat are likely to become fuel for forced liquidations later. Therefore, the signal from the derivatives side is that the leverage has not been cleared yet. What we really want to see is another wash like the one in February. Otherwise, there is a high probability that the rebound will be "sold".