Cryptocurrency market analyst Axel Adler Jr. stated that the market sell-off last Friday (June 5th) resulted in a net order volume of -236 million US dollars, and Bitcoin prices hit a low of 60500 US dollars. On June 7th, active buying returned, with a net order volume of $620 million within 8 hours. On June 8th, it increased by another $320 million, and the price rebounded by 3.7% to $62700. Despite the price increase, open futures contracts decreased from $1.65 billion to $1.55 billion, with funding rates fluctuating between 0.001 and 0.02. Axel pointed out that this rebound is a deleveraging rebound, and the confirmation of trend reversal requires the rebound of open interest contracts.
