Bitcoin's price is climbing. The number of leveraged bets behind it is shrinking.

Open interest in $BTC futures just dropped to about 266,000 BTC from 272,000 BTC, even as the price recovered toward $64,000.
That combination, price up, leverage down, usually points to real buying rather than speculative bets stacking on top of each other. It's a healthier kind of rally, even if it's a quieter one.
Meanwhile, smaller tokens like $LIT and $ETHFI are both up around 35% this month, though the broader Altcoin Season indicator remains in a range, suggesting most investors are staying cautious rather than chasing everything at once.