Analyst: The Bitcoin derivatives market has not yet recovered from the impact of the October 10th liquidation event According to a report by Golden Finance, on June 1st, Darkfost, an on chain analyst, stated that the related derivatives market has not fully recovered since the largest forced liquidation event in Bitcoin history occurred on October 10th. On that day, the total number of open Bitcoin contracts on major exchanges decreased by nearly 71000, with Binance's open contracts accounting for about 30% of the entire market at that time. Within just a few hours, positions worth over $11 billion were forcibly closed or voluntarily liquidated. Afterwards, the overall market environment continued to be under pressure, and traders generally tended to be cautious when rebuilding their positions. The data on open contracts intuitively confirms this situation: after excluding the Chicago Mercantile Exchange (CME), the amount of open contracts denominated in BTC in the Bitcoin derivatives market has never recovered to the level before October 10th. On October 9th, the total open interest contract volume in the market was close to 375000 BTC, currently about 351000 BTC, with a gap of over 24000 BTC. The performance of major exchanges has shown significant differentiation: Binance has strengthened against the trend, with the current open interest contract volume exceeding the pre liquidation level, adding over 7000 BTC positions compared to October 9th. Its market share has increased synchronously, with the market share of open contracts rising from about 30% to over 36% today, an increase of over 6 percentage points. The current market signals are mixed: On the one hand, after experiencing a severe impact on October 10th, the Bitcoin derivatives market still struggles to recover its previous size; On the other hand, the continuous concentration of trading funds towards Binance indicates that investors prefer platforms with better liquidity and market depth after the event.