Classic deleveraging phase. BTC futures positioning is unwinding fast. Over the last three months, total open interest across major venues (Binance, Bybit, OKX, Deribit, Hyperliquid) has trended lower as price has sold off sharply, with a clear acceleration in the OI drawdown during the most recent leg down.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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