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Bitfinex: The Bitcoin derivatives market enters a "deleveraging wave," with spot demand and whale accumulation supporting price resilience

By: rootdata|2026/03/10 23:43:30
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According to the Bitfinex analysis report, Bitcoin has shown unexpected resilience recently. The current derivatives market is entering a "deleveraging wave," with speculative bubbles almost completely dissipated. The Leverage Reset Index (LRI) has fallen to a multi-year low of 0.32, indicating that price discovery is dominated by spot demand rather than derivatives leverage.

Additionally, retail investors holding less than 10 BTC have continued to net sell over the past 30 days, while whales holding more than 1,000 BTC have increased their holdings by about 8% since the peak in October last year. The implied volatility of at-the-money Bitcoin options is around 47%, down from 100% during the 2022 bear market. Short-term options are slightly more expensive than long-term options, indicating that the market is pricing in recent uncertainties, but the long-term outlook remains relatively constructive.

Overall, the Bitcoin market is transitioning from a leverage-driven correction to a high-confidence mean reversion phase dominated by macro liquidity, with prices potentially forming a stable rebound supported by spot demand and institutional accumulation.

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