Bitcoin futures open interest fell by about 49,000 BTC in the seven days to Monday, the largest weekly decline since October 2025, according to K33 Research, while the futures-to-spot notional-value ratio fell to 0.24 times, its lowest level in two years, Crypto Briefing reported. Traders closed roughly $4.1 billion of positions through profit-taking and CME contract expirations rather than broad forced liquidations. Open interest measured in Bitcoin reached its lowest level since March and has fallen about 47% to 55% from its peak, while offshore futures activity is down about 97% from the 2021 bull-market high. Bitcoin traded at $83,362 as of 2:15 p.m. ET Tuesday, down 0.7% over 24 hours and about a third below its October 2025 record. K33 said reduced leverage leaves more room for upside than downside, while Glassnode identified $84,000 to $85,000 as the level Bitcoin must clear and hold for the rally to continue. CME open interest fell by 16,075 BTC when the September contract expired, and the October contract carried a 5.1% annualized premium over spot, only modestly above a 4.28% three-month Treasury bill yield. Basis-trade returns have narrowed to about 3% to 5% annually from more than 20% in the past. Liquidations totaled about $51 million over 24 hours, while U.S. spot Bitcoin ETFs attracted $2.39 billion from Sept. 21 to 25.