There’s one point I’m currently observing with BTC: Open Interest has recovered strongly, but the price hasn’t yet returned to its previous peak. Looking at the chart, OI is now around $130–140B, while BTC is trading near $80K. In the past, when OI rose alongside price, the market often experienced powerful rallies. But this time, OI is increasing while the price remains relatively stagnant. I think this is a phase worth watching closely. Capital and positions are returning to the market, but it’s still unclear which side will control the next move. If BTC breaks above the current level with rising volume, the story changes. But if OI continues to expand while price stalls, I’ll be cautious of a potential strong liquidation sweep. Having open positions doesn’t necessarily mean a trend is forming. Sometimes, the higher the OI, the more vulnerable both longs and shorts become to sharp moves.