The open interest (OI) for Bitcoin has reached its lowest level since August, currently standing at 413,000 BTC ($36 billion), according to Glassnode data. This indicates a decrease in leverage within the Bitcoin system, as OI represents the total funds allocated in outstanding futures contracts. The decline in open interest can be attributed to the unwinding of CME open interest, particularly in the basis trade. Additionally, Binance, the second-largest exchange by OI, has seen its OI drop to a 12-month low, indicating a reduction in leverage from a retail perspective. The decrease in open interest as a percentage of Bitcoin's market cap highlights a sharp decline in speculation and leverage overall.



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