Bitcoin's open interest just hit the lowest point we've seen since 2022—and honestly, most traders are sleeping on what this really means.

Here's the thing: open interest tracks how many leveraged positions are currently active in the market. When it spikes, you know the market is jam-packed with borrowed money. When it crashes like now? That tells a different story.

Leverage dries up when positions get liquidated or when traders start taking profits and closing bets. It signals a shift—whether that's capitulation, consolidation, or a genuine market cooldown. The psychology behind these numbers matters more than the number itself.