[Analyst: After a Peak in Liquidations, BTC Futures Market Enters Healthy Deleveraging Phase, OI Contraction Signals Positive] BlockBeats News, April 20, crypto market analyst Axel posted on social media that on April 17, the BTC futures market saw approximately $526 million in short liquidations in a single day. Open interest (OI), after reaching a peak of 319,499 BTC, did not rebuild leverage but instead fell back to 293,045 BTC. The liquidation dominance indicator has turned positive after two weeks of negative values, indicating the end of the systemic short squeeze phase. The current price remains stable in the $75,000-$76,000 range while OI contracts, forming a constructive "cooling-off after a short squeeze" structure rather than a new round of overheating. The next focus will be whether OI returns above 300,000 BTC when the price attempts a breakout.