[Bitcoin Futures Open Interest Drops to $21 Billion, Market Leverage Remains Low] Independent analyst Markus Thielen pointed out that Bitcoin futures open interest has dropped from its October 2025 peak of $42 billion to the current $21 billion, indicating the market has undergone significant deleveraging. Recently, funding rates have fluctuated sharply between -12.6% and +7.1%, and low leverage means that small-scale capital inflows have a noticeable impact on prices. The most recent large-scale liquidation occurred on February 6, with the position structure appearing relatively healthy. In the short term, the market remains highly sensitive.