BTC is Rising, But The Leverage Is Coming Back Faster $BTC pushed back above $80K after spending much of the past two weeks stuck in a fairly tight range. The more interesting move is happening underneath the price. Crypto futures open interest expanded by nearly 5% to $141.2B, while daily futures volume actually fell about 3%. That combination matters: more positions are being opened and held, rather than the move simply being driven by a burst of short-term trading. Bitcoin futures OI also climbed from roughly 670K BTC to 680K BTC during the move. At the same time, implied volatility has been getting cheaper - BTC 30-day IV dropped to around 36%, while Deribit data earlier this week had most BTC option tenors sitting around 38–39%. So we're getting a slightly unusual mix: price up, leverage rebuilding, but options aren't pricing in dramatically bigger moves yet. And there's a pretty large positioning event coming up. The September 25 BTC options expiry currently carries more than $15B in open interest on Deribit, far larger than the nearby daily expiries. That's the part I'd pay attention to over the next few sessions. Not just whether $BTC moves higher, but whether open interest keeps expanding while volatility stays this cheap. #BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?#