Bitcoin Lost $12B in Futures, Now the Market’s Bracing for What Comes Next

TLDR: Bitcoin’s open interest plunged $12B in a week, marking one of the largest futures contractions this year. Funding rates briefly turned negative during Friday’s sell-off before stabilizing in modestly positive territory. Bitcoin’s leverage ratio dropped to levels unseen since 2022, showing mass deleveraging across exchanges. Stablecoin supply ratio fell to April lows, signaling increased [...]

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