On-chain analyst Darkpost analyzed that the Bitcoin (BTC) futures market has not yet fully escaped the aftermath of the largest liquidation event in history, which occurred on October 10 of last year.

Through his X (formerly Twitter) account, Darkpost stated, "At the time, 71,000 BTC in open interest (OI) evaporated on major exchanges in a single day, and positions worth over $11 billion in notional value were liquidated."

He continued, "The market environment has continued to remain challenging, and traders are taking a cautious approach to increasing their position sizes again," adding, "In fact, BTC-denominated open interest on platforms excluding the Chicago Mercantile Exchange (CME) has still not recovered to the levels seen prior to October 10 of last year."

However, Binance's performance stands out. He explained, "Binance's open interest size has surpassed pre-liquidation event levels, showing a recovery trend, and its market share has also risen from 30% to 36%." Regarding this, Darkpost added, "This means that investors are preferring highly liquid platforms following the event."