Analysis: Following the market crash, Bitcoin derivatives issued a high-risk warning.

since Thursday, the weekend decline in Bitcoin has triggered liquidations exceeding $5 billion, and the open interest in futures contracts has fallen to its lowest level in nine months. The derivatives and options markets have shifted to a defensive stance, with traders paying higher premiums for downside risk protection and reducing leverage exposure.

Analysts remain divided on the outlook: some view this as a healthy deleveraging phase, while others warn that the macroeconomic environment may further pressure the cryptocurrency price, causing it to fall to lower support levels.