Analyst: Bitcoin derivative leverage has not been cleared yet, rebound may face selling pressure According to a report by Golden Finance, on June 21st, cryptocurrency analyst Murphy stated in a post that the funding fee is positive, with an average of $79000 paid per hour by long positions to short positions on June 7th, which is higher than on June 17th. In perpetual contracts, long positions are always the active party, willing to pay a premium to maintain and open new long positions. Compared to the February incident where prices fell, funding turned negative, and OI fell, the three are consistent. The washing out of the bulls is a clean deleveraging. This structure often corresponds to a phased bottom. Now the price is falling, the funding is positive, and the OI is rising instead of falling. All three point to the same behavior: bulls are losing while increasing their positions, and new leverage continues to enter the market. The market considers $60000 as a buying point, indicating that the group judges that 'this is the bottom' and uses leverage to express this judgment. The problem is that this combination of high OI, positive rates, and weakened prices is inherently fragile, and these unwilling bulls may become the fuel for forced liquidation later on. Therefore, the signal given by the derivatives side is that leverage has not yet been cleared. And what we really hope to see is another round of consolidation like February. Otherwise, the rebound is highly likely to be 'sold'.