Bitcoin’s futures market saw a sharp leverage reset as BTC Open Interest fell 19.5%, outpacing the price decline. The pullback from $26.0 billion to $20.89 billion suggests traders reduced exposure, shifting attention toward spot demand. Bitcoin’s futures market has undergone a sharp leverage reset. Traders are now watching whether the next move will be driven by spot demand rather than derivatives speculation. Data shared by Cryptoquant on June 22 showed total BTC Open Interest across exchanges falling from $26.0 billion to $20.89 billion during June.