According to ME News, on May 8 (UTC+8), CryptoQuant analyst Darkfost tweeted that the Bitcoin market remains dominated by the futures market, with recent bullish momentum primarily driven by investors gradually returning to the derivatives market. Although funding rates have remained negative for multiple consecutive weeks, Bitcoin’s open interest has recorded its largest increase since 2026, surpassing the growth observed during the formation of the 2025 all-time high. Darkfost noted that while this reflects a slow return of market optimism, it has also made the market structure more vulnerable, as highly leveraged positions are prone to amplifying volatility and liquidation risks. (Source: ChainCatcher)
Bitcoin open interest surpasses 2025 high, recording the largest yearly increase
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Summary
Bitcoin open interest analysis reveals a record yearly increase as of May 8 (UTC+8), according to MetaEra and CryptoQuant’s Darkfost. The surge exceeds the growth observed during the 2025 highs. Despite weeks of negative funding rates, traders are returning to the derivatives market. Market trends indicate a return of optimism, though high leverage increases liquidation risks and volatility.
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