Open Interest just told the whole story.
As
$BTC pushed toward $120K+, OI exploded past $45B.
Leverage piled in. Confidence peaked.
Then price rolled over… and OI collapsed with it.
That wasn’t just a pullback.
That was a full leverage flush.
Now OI sits near $30B while price trades around mid-$80Ks.
Less leverage.
Cleaner structure.
Fuel resetting.
The next real move won’t come from hype —
It’ll come from positioning.
Smart money watches OI. 👀
#Bitcoin #BTC #Crypto #OpenInterest #Derivatives