
OI is climbing fast again. The real trade might not be $BTC. When Open Interest rises with price, it usually means new leveraged positions entering not just spot buying. That environment tends to push high-beta alts faster than $BTC. One signal that matters: -- OI ↑ + funding neutral → healthy buildup -- OI ↑ + funding overheated → squeeze risk If $BTC actually holds higher levels, rotation usually follows: $BTC → $ETH → large caps → narrative alts. Narratives that tend to run in this environment: - AI / Compute - High-beta L1s - Perp / Derivatives infra - DeFi majors - RWAs NFA.

