Bitcoin has rebounded to approximately $62,500 after briefly dropping to $61,300, following significant market liquidations totaling $3 billion over the past two days. Derivatives data indicates a bearish sentiment, with open interest declining by 8.5% to $111.4 billion, suggesting a reduction in leveraged positions. Additionally, the options market shows a strengthened put skew for both Bitcoin and Ethereum, with notional open interest for $60,000-strike put options on Deribit surpassing $1 billion. In contrast, Solana (SOL) has seen its open interest rise to an all-time high despite a price decline, indicating a potential increase in short positions. Overall, the derivatives market sentiment remains bearish, reflecting cautious investor outlooks amid recent volatility.