CoinWorld reports that, according to independent analyst Markus Thielen, open interest in Bitcoin futures has sharply decreased from a high of $42 billion in 2025 to the current $21 billion, indicating a period of deep deleveraging in the market. Currently, on-exchange leverage is noticeably low, and small-scale capital inflows can amplify price movements. Funding rates have recently fluctuated dramatically between -12.6% and +7.1%, with bullish and bearish forces switching rapidly. In terms of liquidations, the most recent concentrated forced liquidation occurred on February 6, with previous leverage largely cleared out, resulting in a relatively healthy position structure. In the short term, Bitcoin has not yet formed a clear directional trend, but the market remains highly sensitive; any capital inflow or narrative shift could trigger unexpected price volatility.