BTC's Open Interest is still 11B less than it was at the recent local top. This is about 25% of its open interest and BTC got hit pretty minimally when compared to alts. The current BTC OI is similar to when price traded around 105K during the last choppy range. So relatively there's not that much OI in the market now compared to before. This is generally good to see but it still takes spot bid to get price going. The main thing here is that another big leverage flush towards the downside is less likely to occur. This doesn't mean its impossible, especially if price keeps chopping around for a while again. Just much less likely than when OI is skyrocketing with price.(Daan Crypto Trades)