[Analysis: Bitcoin Derivatives Market Ends 8-Month Deleveraging Cycle, Open Interest on Binance Returns Above 180-Day Moving Average] BlockBeats News, May 22 — According to analyst Darkfost (@Darkfost_Coc) on social media, since the event on October 10 last year, Bitcoin has undergone a prolonged deleveraging phase in the derivatives market. When open interest falls below the 180-day moving average, it typically indicates a decline in futures activity, as investors' risk-off behavior leads to reduced open interest. Influenced by the deterioration of the global macroeconomic and geopolitical backdrop, traders have generally opted to lower their risk exposure. This deleveraging phase on Binance lasted approximately 8 months, with the last similar occurrence dating back to the previous bear market in 2022, prior to the FTX collapse. However, since early May, the trend appears to be shifting. Open interest on Binance has risen from $6.4 billion in March to approximately $8.96 billion currently, surpassing the 180-day moving average of around $8.75 billion. This effectively marks the end of the deleveraging cycle. The return of investors to the derivatives market has evidently fueled the current upward rebound, though it is still too early to call this a true recovery. Despite the continued deterioration of the macro environment, Bitcoin's sharp pullbacks have attracted more speculative traders seeking rebound opportunities. It is worth noting that this trend remains highly fragile; if Bitcoin resumes the adjustment trajectory it began last October, these traders may exit the market as quickly as they entered. [Original Link]