Futures open interest has been grinding lower since late November not in panic, but in an orderly unwind.

What we’re seeing isn’t forced selling. It’s the slow removal of excess leverage built during the prior uptrend

No fresh leverage stepping in, no rush to re-risk.

That shift matters

Traders are clearly in a risk-off mindset, choosing preservation over aggression

With leverage lighter across the board, the market is less vulnerable to sudden liquidation cascades

Lower speculation today often means cleaner, more stable price discovery tomorrow