#Strategy加仓BTC 📉➡️📈【Leverage is quietly exiting the market, is Bitcoin's foundation strengthening?】

I came across an interesting on-chain data point: over the past three months, open interest (OI) in Bitcoin derivatives has been continuously shrinking. Since October last year, OI( open interest) has decreased by 31% in total.

In other words— the market is actively shedding leverage.

What does this mean for the trend? 🤔

**First layer: The bubble is being squeezed out**

Markets with high leverage tend to rise quickly and fall just as fast. Now, with OI continuously declining, it reflects a clear phenomenon: liquidations are clearing out, passive selling pressure is weakening, and the market is gradually returning to spot-driven fundamentals.

This sounds like good news. Because when speculative positions decrease, what remains to drive prices are genuine capital allocations, spot buy orders, and those willing to hold long positions.

**Second layer: This has happened before in history**

An analyst pointed out a pattern— in previous major market rallies, large-scale deleveraging was often not the end, but rather the starting point of a new upward cycle.

The logic is this: it’s not that people deleverage because they want prices to rise, but rather, after deleveraging, the market truly has the confidence to push higher again.

**But it must be clarified here** ⚠

Deleveraging ≠ immediate rally. The more common market behavior during the deleveraging phase is summarized in three words:
- Sideways
- Volatility
- Time-consuming

Be mentally prepared; this process might not be very exciting.

Another risk point: if Bitcoin’s price continues to weaken, open interest could further decline, and the market may enter a deeper correction. So, deleveraging itself is neutral; the direction still depends on the price.

**The core logic is this:**

The current market is doing one thing—clearing out leverage that shouldn’t exist. This may not be friendly to short-term traders, but for those who want to go through a complete bull-bear cycle, it’s genuinely a positive signal.

Remember one thing: without healthy deleveraging, there can be no truly sustainable bull market.

When the market starts to slow down, it’s actually quietly preparing for the next wave of行情.