Analyst: BTC Futures Market Enters Healthy Deleveraging Phase After Liquidation Spike, OI Contraction a Positive Signal

BlockBeats News, April 20th. Cryptocurrency market analyst Axel announced on social media that on April 17th, the BTC futures market saw approximately $526 million in short liquidations in a single day. The open interest (OI) did not increase leverage after reaching a peak of 319,499 BTC, instead falling back to 293,045 BTC. The liquidation dominance indicator has turned positive after two weeks of being negative, indicating the end of a systemic short squeeze phase. The current price is holding steady in the 75,000-76,000 range as OI shrinks, forming a constructive structure of "cooling down after the short squeeze" rather than a new round of overheating. The next key focus is whether the OI will rise back above 300,000 BTC when the price attempts to break out.