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BITCOIN LEVERAGE IS BEING FLUSHED. Bitcoin’s recent pullback looks different from previous sell-offs. The reason? Open interest is falling alongside price. Total Bitcoin open interest now sits at: 749.32K BTC $47.42B in open positions Down 1.79% over the last 24 hours. This tells us one important thing: Traders are reducing risk. We’re not seeing aggressive new shorts piling in. We’re not seeing leverage building into weakness. Instead, positions are being closed. That’s a healthier type of correction. Exchange data shows the same: CME open interest: -3.30% Binance: -0.80% Bybit: -2.85% Leverage is coming out of the market. The only notable exception is OKX, where open interest increased 1.17%. This lines up with what we saw in the liquidation heatmaps. A lot of downside liquidity around $63,000 has already been cleared. The market has already forced out a large amount of overleveraged positioning. Now the question becomes: Do buyers step in after the reset? What I want to see next: • Bitcoin holding above $63,000 • Open interest rebuilding alongside price • Funding staying controlled That would suggest real demand returning. The risk scenario: Bitcoin continues lower while open interest starts rising. That would show traders are opening new positions into weakness, increasing the chance of more volatility. For now, this looks less like a market breakdown and more like a leverage reset. Bitcoin doesn’t need more leverage right now. It needs buyers to step back in. $BTC