Analysis: The derivatives market is entering a "deleveraging wave," and Bitcoin's resilience may lead to a stable rebound.

Bitfinex released a report stating that Bitcoin has recently shown unexpected resilience. The derivatives market is currently undergoing a "deleveraging wave," with speculative bubbles almost completely deflated. The Leverage Reset Index (LRI) has fallen to a multi-year low of 0.32, indicating that price discovery is driven by spot demand rather than derivatives leverage. Furthermore, retail investors holding less than 10 BTC have been net sellers for the past 30 days, while whales holding more than 1,000 BTC have increased their holdings by approximately 8% since the October high last year. Bitcoin options at-the-money implied volatility is around 47%, lower than the 100% of the 2022 bear market. Short-term option premiums are slightly higher than long-term options, indicating that the market has priced in some recent uncertainty, but the long-term outlook remains constructive. The analysis suggests that the Bitcoin market is shifting from a leverage-driven correction to a high-conviction mean reversion phase driven by macro liquidity, and prices may form a stable rebound supported by spot demand and institutional accumulation.