Recently, an interesting observation: as the outflow of funds from spot ETFs begins to slow down, many believe that the sharp decline in the crypto market may have already approached its bottom. The market has indeed experienced intense volatility, but looking at the Chicago Mercantile Exchange's Bitcoin futures data reveals a detail—there hasn't been a significant deleveraging phenomenon in open interest. What does this indicate? It suggests that institutional investors have not been fleeing en masse. In other words, while retail investors may be panic selling, large funds still seem to be in the game. This is often one of the signals of a bottom. However, the market is constantly changing, so it's important to continue monitoring fund flows and futures open interest trends.