Analyst: Crypto Market Weekend Price Action Sees 'Deleveraging' Rally, Not Reversal

June 8. Cryptocurrency market analyst Axel Adler Jr. noted that last Friday (June 5), the crypto market saw its sharpest sell-off of the month, with a net outflow of $236 million. Bitcoin’s price briefly dropped to $60,500. But buying pressure began to return on June 7. During an 8-hour stretch between 00:00 and 08:00 UTC that day, a pulse candle registered a net inflow of roughly $620 million. Buying momentum carried over into June 8, with an additional $320 million in inflows, pushing Bitcoin’s price up around 3.7% from its recent low to roughly $62,700. In the near term, order flow has tilted toward the demand side, though the derivatives market hasn’t mirrored this shift yet. Even with the price bounce, futures open interest fell from a June 7 peak of $1.65 billion to $1.55 billion—roughly a 6% drop. Over the past 24 hours, the funding rate has stayed positive, ranging from +0.001% to +0.020%. Axel explained that the mix of "rising prices, falling open interest, and a positive funding rate" typically signals a deleveraging cycle, where old positions are unwound (liquidated) and new leveraged long positions haven’t been established yet. So while the net inflow of orders confirms demand is back, the ongoing drop in open interest means that demand isn’t being backed by fresh positions. The main takeaway for today, June 8: this rebound is real but "hollow" when it comes to leverage—it’s a deleveraging-driven bounce, not a full reversal fueled by new leveraged capital flowing in. To confirm a trend reversal, we need to see both the price keep climbing and open interest start to rebound.