Open Interest is returning quite rapidly, while BTC has only just reclaimed the $80K range. Previously, Open Interest peaked above $220 billion, then sharply declined as BTC dropped to the $60K level. After a prolonged period at low levels, OI has begun rising again and is now around $155 billion. The most notable part is at the end: BTC rose from the $50K range to nearly $80K, and OI climbed alongside it rather than staying flat. In simple terms, capital in the derivatives market is clearly returning. Now it’s just a matter of whether this new wave of positions will propel BTC higher—or become bait for a major liquidation sweep.
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