The best part of the current #Bitcoin rally is the positioning behind it. Aggregate crypto futures OI fell roughly 13.5% between Sep. 3 and Sep. 11, with about 43,000 BTC of leveraged positions unwound. Coin-denominated BTC OI sits roughly 100K BTC below its mid-August peak until yesterday, the sharpest deleveraging since 2023. This rally has been driven primarily by spot demand, while leverage was flushed out along the way. Even after yesterday’s sharp move higher, OI remains near a six-month low. As speculative positioning starts rebuilding from this reset base, Bitcoin has a much larger upside move ahead.