December 1st report from Bitfinex Alpha suggests market nearing a local bottom, influenced by extreme deleveraging and selling pressure. The adjusted realized loss margin falls below 1, indicating potential cycle lows, while daily realized losses reach $403.4 million, suggesting the end of the sell-off.
In derivatives, Bitcoin futures open interest stands at $59.17 billion, reflecting systematic leverage clearing. Institutional consolidation is evident, with BlackRock increasing its Bitcoin Investment Trust holdings by 14%, further supporting market stability as recovery is anticipated in Q4.
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