$41.6B in open interest across $BTC, $ETH and $SOL. People easily stop at size, but the interesting part for me is what happens if price stops climbing. Rising OI alongside a recovery suggests traders are adding exposure, but it doesn’t tell us whether longs or shorts are driving it. And with ETH accounting for $15.5B, leverage is clearly not concentrated in Bitcoin alone. I’m watching funding rates and spot volume next. If price keeps rising with healthy spot demand, that’s constructive. If OI expands while spot buying fades, the recovery becomes increasingly vulnerable to a liquidation-driven reversal. Are we finally seeing genuine demand return?