**[Bitcoin Derivatives Market Deleveraging, Spot Demand and Whale Accumulation Support Price]** On March 10, a Bitfinex analysis report pointed out that the Bitcoin derivatives market is undergoing a "deleveraging wave," with the Leverage Reset Index (LRI) dropping to a multi-year low of 0.32, and price discovery being driven by spot demand. Over the past 30 days, retail investors holding less than 10 BTC have continued to net sell, while whales holding more than 1,000 BTC have increased their holdings by approximately 8% since October last year. The at-the-money implied volatility of Bitcoin options is around 47%, lower than the 100% seen during the 2022 bear market, with short-term option premiums slightly higher than long-term options. The report suggests that the Bitcoin market is transitioning to a macro liquidity-driven phase, with prices likely to form a stable rebound supported by spot demand and institutional accumulation.