[Analyst: Crypto Market Weekend Movement is a 'Deleveraging' Rebound, Not a Reversal] BlockBeats News, June 8 – Crypto market analyst Axel Adler Jr. wrote on June 8 that last Friday (June 5), the market experienced the most intense sell-off of the month, with net taker volume reaching -$236 million, and Bitcoin's price briefly hitting a low of $60,500. However, by June 7, active buying began to return. During the 8-hour window from 00:00 to 08:00 (UTC) on that day, a net taker volume pulse of approximately $62 million appeared. On June 8, buying continued to flow in, adding another $32 million, pushing the price to rebound about 3.7% from the low, recovering to around $62,700. In the short term, order flow has shifted to the demand side, but the derivatives market has not confirmed this trend. Although prices have recovered, open interest in futures has dropped from the June 7 peak of $1.65 billion to $1.55 billion, a decline of about 6%. Meanwhile, funding rates over the past 24 hours have all been positive, fluctuating roughly between +0.001% and +0.020%. Axel stated that the combination of 'rising prices, declining open interest, and positive funding rates' typically indicates that the market is deleveraging, with old positions being closed while new leveraged long positions have yet to enter the market. Therefore, although taker order flow confirms the return of demand, the continued decline in open interest suggests that this demand has not been supported by new positions. The core conclusion for today (June 8) is that this rebound is real, but it is 'hollow' on the leverage level—this is a deleveraging rebound, not a full reversal accompanied by an influx of new leveraged funds. To confirm a trend reversal, we would need to see prices continue to rise while open interest also begins to recover. [Original Link]