$BTC There's a big difference between the green and red areas I've marked on this chart.

The green area saw a +42% increase in price with 30K BTC in Aggregated Open Interest added.

The red area saw just a +8% increase in price with 45K BTC in Aggregated Open Interest added. So that's 50% more OI added in a move that was less than 1/5th the size.

A lot of leverage added into that all time high sweep and I think there's still quite a chunk of that left, which is now trapped at $108K-$110K and is yet to unwind I think.

Open interest going up with price is normal, but it's important that it stays balanced. Where the move in the green area was very clean & healthy, the last push up was paired with a lot of longs chasing and is also one of the main reasons why price stalled out.

A quick flush in open interest back to the white dotted line would make for a nice reset in that regard and would make me more bullish again in the short/mid term.