👀 Something familiar is brewing in the BTC derivatives market…

The 30-day Open Interest Delta just hit levels we haven’t seen since BTC rocketed past $73K back in 2024. 📈 That rally started with this same kind of signal.

📊 According to Alphractal, we might be stepping into Phase 1 of the Open Interest cycle — a zone of rapid position accumulation, marked by rising leverage and growing market confidence.

If history rhymes, this is often the build-up before the breakout. 💥

🔍 Zooming out, the 180-day Delta is hovering just above zero. Historically, when it flips red, we see pain (liquidations)… followed by quiet accumulation from the big players.

And guess what? Whales are showing up — again. 🐋 But this time, they’re quieter, more strategic. No sharp OI spikes like we saw in 2023 or early 2024. Just slow, methodical movements.

⚠️ Don’t chase noise. Watch the rhythm.

The leverage cycle is warming up. Smart money is preparing. Are you?