Bitcoin Open Interest has just hit $56 billion.
This is its highest level since December 2024, when BTC was above $100K.
High Open Interest shows a lot of speculation, but the good thing is that the majority of the rally has been spot driven.
Institutions, companies and whales are buying $500M-$1B in BTC daily which is causing a massive demand and supply crunch.
Although, if the spot demand fades, BTC could experience a sharp correction.
