Open interest in Bitcoin futures has fallen roughly 20% even as price gained 35% from the August low, with K33 counting about 49,000 BTC of positions removed and $4.1 billion cashed out. Holdings are down to well below the 763,000 BTC of August and the 800,000 peak earlier in 2026. CME's September expiration on the 25th settled 16,075 BTC, 15.79% of open interest, the highest share since June 2023. A leverage reset of that size without a liquidation cascade is the healthier version of this: positions left voluntarily rather than being forced out.