Key results:

• The open interest in Futures and Bitcoin options increased to $ 96 billion, rapidly compared to 2022 levels.

• The elevated speculative fuel lever for a stubborn BTC explosion, but also increases the risk of cascading liquidation, reminiscent of variability 2021.

• STABELECOIN-MARINGE CHAMPLE currently dominates over cryptocurrency positions, helping to alleviate the shocks of variability among increased commercial activity.

The Bitcoin derivative instrument market, which commands $ 96.2 billion in an open percentage (OI), is able to shape the price dynamics every time BTC trades near the highest levels. While Bitcoin (BTC) OI has now dropped from a top of $ 114 billion, it still exceeds 2022 levels.

Glass knot indicated The fact that the introduction of the US notices ETF Bitcoin in January 2024 has accelerated this trend. In 2023, open interest fluctuations were relatively tamed, but after ETF 30-day changes became more unstable, reflecting the market more and more driven by leveled competitions.

The implemented capitalization lever indicator, currently 10.2%, is among 10.8% of commercial days since 2018, signaling increased speculative activity that could continue to enhance the price when bitcoins float near the maximum of all time.

This can strengthen the potential of Bitcoin prices, driving rapid rallies have undergone key resistance levels of USD 111,800 and increasing liquidity, as observed in the given Futures Binance contracts, in which most traders are flourishing.

As shown, Binance in May 2025 achieved An unusual milestone, recording 1.7 trillion usd of the Futures volume, the highest monthly number in 2025. This enhance in activity signals a solid wave of speculation and market involvement, significantly contributing to the stubborn rush of bitcoin at the beginning of the quarter.

However, the same lever is cautious. The risk of cascading liquidation still seems gigantic, potentially causing rapid drops in price, as evidenced by the accident in 2021 driven by unstable cryptographic positions.

However, Glassnode noticed that the market has signs of maturity. Since the refraction of FTX 2022, the protection of the marginal Stablecoin has been ahead of cryptocurrency positions, currently dominating in open interest. This change reduces the variability of security, offering a buffer against market shocks.

Related: Bitcoin ‘Destitute Hands “Sell 15,000 BTC with a loss: Is BTC low below $ 100,000 next?

BTC-USDT Futures Southo indicator Points

Data from Cryptquant indicated The fact that the BTC-USDT Futures lever indicator in relation to the open percentage is slowly growing near its peak from the beginning of 2025. This confirms increased fears about the lever market, with Bitcoin moves sideways above 100,000 USD for over a month.

Similarly, cryptographic analyst Boris Vest pointed Out that traders are preparing to move in both directions. The analyst noted that although tiny items still grow in terms of, the relationship between long and tiny is quite balanced, as follows from normal financing indicators. Trader said:

“In the range of $ 100,000 – $ 110,000, most traders bend towards tiny positions. This increases the chances of traffic in the opposite direction. It is possible that larger players accumulate quietly in this zone.”

Related: Bitcoin should accommodate $ 100,000, because the seasonality of Q3 provides trade on the sides

This article does not contain investment advice or recommendations. Each investment and commercial movement involves risk, and readers should conduct their own research when making decisions.