The open interest Delta indicator for Bitcoin is signaling similar patterns to the early stages of the 2024 bull market. The 30-day combined Delta has reached its highest level since BTC broke through $73,000. Analysis indicates that the OI cycle typically consists of two phases: the first phase is a rapid accumulation of leveraged positions, with Delta being positive; the second phase sees positions starting to unwind, and Delta turning negative. Currently, the market seems to be entering a new first phase.

In the medium term, the 180-day Delta indicator hovers around zero, which is usually a precursor to major institutions quietly accumulating positions. Historical data shows that whenever this indicator turns negative, the market often hits a bottom and enters an accumulation phase.

However, the increase in OI this round is not as steep as in the past, indicating a more cautious attitude from large holders. Nevertheless, this still may mean that a new bull market is brewing.