On April 8, BIT Official released a chart stating that Bitcoin futures open interest has significantly decreased from $42 billion in October 2025 to the current $21 billion, indicating that the market has undergone a deep deleveraging phase. Currently, leverage in the market is noticeably low, and even a small influx of capital could have an amplified effect on prices. The trend of funding rates also reflects similar signals; recently, rates have fluctuated sharply between -12% and +7%, no longer maintaining the positive values seen previously, with bullish and bearish forces rapidly switching. From the liquidation data, despite ongoing geopolitical tensions, the market has not experienced large-scale liquidations. The last concentrated forced liquidation occurred on February 6, over two months ago, and prior leverage has been largely cleared, resulting in a relatively healthy position structure. In the short term, Bitcoin has not formed a clear directional trend, but the market is in a highly sensitive state. Any new catalyst, whether an influx of capital or a shift in narrative, could trigger price fluctuations beyond expectations.