Bitcoin Open Interest Is Revealing an Interesting Pattern in 2026! Bitcoin's Open Interest (OI), measured in BTC, has increased by +36.7% in 2026, already surpassing the historical median year-end change of +26.4% over the past six years. But things get even more interesting when we analyze historical correlations! • 2025: Correlation of 0.79 • 2022: Correlation of 0.62 This means that Bitcoin's Open Interest trajectory in 2026 shows a strong statistical resemblance to the patterns observed in 2025, followed by 2022. However, the historical outcomes were significantly different! • 2022 ended with a +69.9% increase. • 2025 finished with a 12.5% decline. • Open Interest increased in 4 of the past 6 years. What can we learn from this? Even amid uncertainty and corrections across the crypto market, derivatives positioning continues to expand significantly in 2026. It's important to understand that rising Open Interest doesn't necessarily indicate buying pressure. It can also reflect growing short exposure, increased leverage, and the potential for major liquidation events. And here's a crucial detail: correlation does not mean the market will repeat the same outcome! The trajectory of 2026 could still diverge significantly from previous years, especially during the final two months of the year. Is the market building a new positioning structure, or simply repeating historical patterns before a major shift? Data > Narratives.