Bitcoin has staged a comeback. The leverage crowd mostly stayed home.

The world’s largest crypto asset climbed approximately 35% from its August 2026 lows around $63,500, reaching the $83,000 to $84,000 range by late September. Futures open interest has not kept pace, however, and remains below its previous high.

Open interest measures the total value of outstanding futures contracts that haven’t been closed or settled. When it rises alongside price, traders are piling in with fresh bets. When it falls during a rally, the table is getting quieter even as the score improves.

That second scenario is what played out here. Measured in BTC terms, futures open interest fell nearly 20% during the run-up.

Analysts at Bitfinex flagged that aggregate…