CryptoQuant analyst: Bitcoin open interest sees largest increase of the year, surpassing the 2025 peak

ChainCatcher reports that CryptoQuant analyst Darkfost posted on Twitter stating that the Bitcoin market is still dominated by the futures market. The recent bullish momentum mainly comes from investors gradually returning to the derivatives market. Although funding rates have remained negative for several consecutive weeks, Bitcoin open interest has recorded its largest increase since 2026, surpassing the growth seen during the formation of the 2025 historical peak.

Darkfost pointed out that while this reflects a slow return of market optimism, it also makes the market structure more fragile. Highly leveraged positions tend to amplify volatility and liquidation risks.