Analyst: Bitcoin derivatives leverage has not yet been cleared, rebound may face selling pressure

金色财经2026/06/28 03:22

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```htmlJinse Finance reported that on June 21, crypto analyst Murphy stated that the funding rate is positive, with the 7-day average meaning longs are paying shorts $79,000 per hour, which is higher compared to June 17. This indicates that in perpetual contracts, longs are always the proactive side, willing to pay a premium to maintain or open new long positions. In contrast, back in February, when the price dropped, the funding turned negative, and open interest fell, with all three indicators aligned. Long positions were washed out, resulting in a clean deleveraging. This kind of structure often corresponds to a local bottom. Currently, prices are falling, funding is positive, and open interest is rising instead of decreasing. All three point to the same behavior: longs are increasing positions while taking losses, and new leverage is constantly entering the market. The market is treating $60,000 as a buying point, indicating a collective judgment that “this is the bottom,” expressed through leverage. The problem is that this combination of high open interest, positive funding rate, and weakening prices is inherently fragile, and these unwilling-to-surrender longs are very likely to become fuel for forced liquidations later on.Therefore, signals from the derivatives side show that leverage has not yet been cleared out. What we really want to see is another washout similar to February. Otherwise, any rebound will most likely be “sold.”```

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