Everyone is watching Tuesday’s cloture vote and Wednesday’s Fed. The positioning data says the market already made its move. 📊 Coin-denominated open interest fell from 321,497 BTC on Sep 3 to 278,151 on Sep 11. Down 43,346 coins, or 13.5%. 📉 Price fell 5% over the same stretch, so this was not a valuation effect. 🔀 Positioning sits about 20% below where it was before the mid-August rally. 🧭 The slide stopped on Sep 11 and has ticked up for two sessions since. The de-risking happened ahead of the week, not during it. The headlines arrive Tuesday, the positioning moved last week. 🔗 Explore BTC open interest in Sanbase: https://app.santiment.net/charts/btc-coin-oi-32044?utm_source=x&utm_medium=post&utm_campaign=btc_deleveraging_0926&aff=33(Santiment Intelligence)