Coin-denominated open interest fell from 321,497 BTC in early September to 278,151 by midweek, a 13.5% contraction that removed 43,346 Bitcoin worth of outstanding positions. That is leverage being cleared rather than conviction being lost, and it changes the character of the market going into next week: a book that thin has less fuel for the liquidation cascades that defined the last three weeks. The week closed up about 4% despite the Fed hike, the Bank of Japan hike and a failed Senate vote.