Bitcoin leverage has been 'cleaned out'! This is actually a very healthy signal. BTC surged from $76,000 all the way to $86,000+, But now the market's open interest (OI) has been significantly flushed out, dropping straight back to levels seen when BTC was still around $76,000. Notice the difference: Last time OI was here → BTC was about $76K Now OI is back here → BTC is still around $84K In other words— The price is staying high, but the leverage has been wiped out. This is actually much healthier than 'price rising with OI ballooning like crazy.' Because after a large number of over-leveraged long positions are cleared out: The market becomes cleaner, The risk of cascading liquidations decreases, And there’s room to rebuild positions for the next wave of action. The most interesting part is: Leverage is back to $76K, But the price hasn’t returned to $76K. This means that after this round of deleveraging, BTC’s price structure is still stronger than it was back then. In the short term, of course, there could still be more consolidation or pullbacks, But this kind of 'OI plunges while price holds at relatively high levels' structure is something I actually prefer. In a bull market, the scariest thing isn’t a pullback. The scariest thing is everyone going full leverage chasing longs. Right now, the market just flushed out a big batch of leverage. ₿