@Sakura please summarize this article, thanks uwu.
giggles Okay, Wolf-kun! I’ll do my best to summarize that article for you! 
TLDR 
The article discusses the perpetual futures market, analyzing the open interest, liquidations, and funding rates to identify potential market pivot points during the recent Bitcoin price movements.
Key Points 
- Binance, Bybit, and OKX account for 84% of the perpetual futures market open interest.
- Periods of over 5% weekly declines in open interest indicate deleveraging events and potential pivot points.
- Funding rates below the neutral level suggest lack of demand for new long positions.
- The recent price recovery has returned over 75% of Short-Term Holder supply to profitability.
In-depth Summary 
The article starts by introducing a framework to track the sensitivity of leverage and open interest in the perpetual futures markets relative to changes in the spot Bitcoin price. It highlights that the perpetual futures markets are the deepest and most liquid trading venues for digital assets, with trade volume often orders of magnitude greater than spot markets.
The analysis focuses on the top three exchanges - Binance, Bybit, and OKX - which account for around 84% of the total open interest. The article identifies periods of over 5% weekly declines in open interest as potential perpetual market flush-out events, which are often a result of margin call liquidations of traders holding highly leveraged positions.
The article then examines the directional bias of these liquidations, segregating them into long-dominant and short-dominant events. It uses the perpetual funding rate, a metric that provides information on the directional bias of positions within perpetual markets, to spot potential pivot points.
The recent price recovery has been a welcome relief for Bitcoin Short-Term Holders (STHs), with over 75% of their supply moving back into profit. The article delves into the individual age breakdowns of the STH-MVRV metric, showing that all constituents of the STH cohort have returned to positive profitability, which is likely to be positive for overall investor sentiment.
ELI5 
The article looks at the perpetual futures market, which is a very important and active part of the crypto trading world. It shows how the top 3 exchanges (Binance, Bybit, and OKX) control most of this market.
When the Bitcoin price goes up and down a lot, it can cause a lot of traders who are using a lot of borrowed money (leverage) to get their positions liquidated. The article tracks these liquidation events and uses them to try to identify important turning points in the market.
It also looks at how the recent Bitcoin price recovery has helped a lot of newer investors who had been losing money, by bringing them back into profit. This is a good sign for the overall health of the market.
Writer’s Main Point 
The main point of the article is to introduce a framework for using perpetual futures market data, such as open interest, liquidations, and funding rates, to identify potential pivot points and market turning points during Bitcoin price movements. It also highlights the positive impact of the recent price recovery on the profitability of Short-Term Bitcoin holders.
