PANews reported on June 1st that CryptoQuant analyst Darkfost published an article on the X platform stating that the Bitcoin derivatives market has not yet fully recovered from the historic liquidation event of October 10th last year. On that day, nearly 71,000 BTC were wiped from open interest on major exchanges, with positions worth over $11 billion in notional value liquidated or closed within hours. Binance at the time accounted for approximately 30% of the market's total open interest.

Since then, market conditions have remained challenging, and traders have become more cautious before rebuilding their exposure. Open interest in BTC-denominated contracts in the Bitcoin derivatives market (excluding CME) has never recovered to pre-October 10th levels. Total open interest was approximately 375,000 BTC on October 9th, while it is currently around 351,000 BTC, a gap of over 24,000 BTC.

Binance, however, is an exception. Its open interest has risen above pre-liquidation levels, increasing by over 7,000 BTC since October 9th, and its market share has risen from approximately 30% to over 36% currently. Darkfost points out that the market signals are mixed: the derivatives market as a whole is still struggling to rebuild, but trading activity is increasingly concentrated on Binance.