Bitcoin derivatives open interest (active futures positions) fell sharply over 30 days across major trading platforms, led by an approximately 81,700 BTC decline on HTX Global, followed by reductions of around 70,700 BTC on Binance and 54,300 BTC on OKX. The contraction occurred even as Bitcoin posted a strong rally in yesterday's session, showing that falling open positions did not prevent a notable price advance. The decline may indicate reduced leverage and fewer speculative positions, potentially lowering the risk of a market-wide liquidation chain reaction. The move may also reflect short covering and trader repositioning rather than a rally driven solely by new long positions. Open-interest changes over the coming days will be important in judging whether the current rally can be sustained.