Analysts: The weekend rally in the crypto market was a "deleveraging" rebound rather than a reversal.

According to Mars Finance, on June 8th, crypto market analyst Axel Adler Jr. wrote that the market experienced its most intense sell-off of the month last Friday (June 5th), with net buy orders reaching -$236 million, and Bitcoin's price briefly hitting a low of $60,500. However, starting on June 7th, active buying began to return, with a net buy order surge of approximately $62 million appearing in the 8-hour window from 00:00 to 08:00 (UTC). On June 8th, buying continued, adding approximately $32 million, pushing the price up about 3.7% from the low to around $62,700. In the short term, order flow has shifted to the demand side, although the derivatives market has not yet confirmed this trend. Despite the price recovery, futures open interest fell from a peak of $1.65 billion on June 7 to $1.55 billion, a drop of about 6%, while funding rates were positive throughout the past 24 hours, fluctuating roughly between +0.001% and +0.020%. Axel stated that the combination of "rising prices, declining open interest, and positive funding rates" typically indicates market deleveraging, with old positions being closed out and new leveraged long positions yet to emerge. Therefore, while the order book flow confirms a return to demand, the continued decline in open interest suggests that this demand has not yet been supported by new positions. The key conclusion today (June 8) is that this rally is real, but "empty" in terms of leverage—it's a deleveraging rally, not a full reversal accompanied by an influx of new leveraged funds. To confirm a trend reversal, we need to see prices continue to rise while open interest also begins to recover.