Bitcoin futures open interest just hit levels we haven't seen since 2022. What's striking here is what this tells us about the broader market conditions. When you see OI dropping this sharply, it's a pretty clear signal that traders are actively unwinding positions and deleveraging across the board. The reduction in leverage this steep doesn't happen casually—it typically reflects either shifting market sentiment or investors tightening their risk management. Worth keeping an eye on how this plays out.