Altcoin OI dropped from $40B+ in May to ~$35B now. That's not just a dip — it's conviction bleeding out.

High volume lately? Yeah, but it's mostly people closing positions, not fresh money coming in. Big difference.

If geopolitical noise keeps up, expect OI to slide further. When things get sketchy, capital rotates into $BTC, stables, or just sits out.

Altcoins need two things to run again: calmer headlines and actual risk appetite coming back. Right now we don't have either.

If you're still using leverage on alts, tread carefully. This isn't the setup for hero plays.