Bitcoin is witnessing its largest open interest expansion of 2026, with derivatives activity now exceeding levels seen during the 2025 all-time high. According to CryptoQuant analyst Darkfost, the surge is driven by a return of traders to futures and perpetual markets, even as funding rates remain mostly negative.
Major exchanges are leading the charge: Binance holds about 34% market share, with a monthly average near $2.5 billion on May 5. Gate.io and Bybit also posted records at $1.75 billion and $1.15 billion, respectively. While the rising leverage signals growing optimism, it also introduces fragility-large liquidations could amplify volatility.
Bitcoin is now in a critical retest phase after breaking above previous highs. Trader Max Trades says holding above the reclaimed support zone is essential to sustain momentum and target the $82,800 level. A breakdown below this zone could shift focus to the liquidity area between $75,000 and $76,000.
BTC is currently trading at $80,229.