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$BTC’s rebound looks convincing on the surface, but derivatives data paints a more cautious picture. 🧐 After dipping below $77K, Bitcoin has recovered toward $79K. However, open interest fell roughly 3.8% from August 21–31, dropping from 331,100 BTC to 318,600 BTC, while long funding costs continued to rise. Price is recovering, but leverage is being reduced. This doesn’t look like a rally driven by aggressive new positioning—it’s a more cautious move. #LastNFPBeforeFOMC #AVGODipsSNOWPops