BlockBeats News, June 8th. Cryptocurrency market analyst Axel Adler Jr. wrote that last Friday (June 5th), the market experienced the most intense sell-off of the month, with a net outflow of -$236 million. The Bitcoin price briefly dipped to $60,500.

However, on June 7th, buying pressure started to return. Within an 8-hour window from 00:00 to 08:00 (UTC) that day, there was a pulse candle with a net inflow of around $620 million. Buying pressure continued on June 8th, adding another $320 million, leading to a price rebound of about 3.7% from the low point to around $62,700.

In the short term, the order flow has shifted towards the demand side, but the derivatives market has not confirmed this trend simultaneously. Despite the price recovery, open interest in futures contracts dropped from a peak of $1.65 billion on June 7th to $1.55 billion, a decrease of about 6%. In the past 24 hours, the funding rate has remained positive, fluctuating between +0.001% and +0.020%.

Axel stated that the combination of "rising price, declining open interest, and positive funding rate" usually indicates a deleveraging process, where old positions are being liquidated, and new leveraged longs have not yet entered to establish new positions. Therefore, while the net inflow orders confirmed the return of demand, the ongoing decrease in open interest suggests that this demand has not yet been supported by new positions. The key conclusion for today, June 8th, is that this rebound is real but "hollow" in terms of leverage—it is a deleveraging rebound rather than a full reversal accompanied by new leveraged funds pouring in. To confirm a trend reversal, we need to see both the price continue to rise and open interest start to recover.