Bitcoin Open Interest has surged to $56B — the highest since $BTC crossed $100K in late 2024.

This shows growing speculation, but what stands out is that most of the rally so far has been spot-driven.

Big players — institutions, whales, and companies — are buying $500M to $1B in BTC daily.

That’s creating a real demand shock.

But if spot demand slows down, we could see some serious volatility ahead.