Bitcoin futures open interest just hit levels we haven't seen since 2022—and that's actually telling us something important. When OI drops like this, it usually means traders are backing away from leverage. Less borrowed money flowing through the system, fewer overleveraged positions waiting to blow up. The market's cooling down on aggressive bets, which could signal either caution among players or maybe just a shift toward more measured positioning. For anyone watching market health, this deleveraging trend is definitely worth tracking.