$BTC is up 35% from its August low, yet traders are actually carrying less leverage.

Glassnode data reveals that BTC-denominated open interest has fallen nearly 20% to its lowest level since March.

I like this kind of move more than a rally fueled by everyone piling into leveraged positions.

Price going up while open interest keeps coming down means a lot of the excess leverage is being flushed out instead of added back.

Maybe Bitcoin is finally moving without needing the casino.