CryptoQuant Analyst: Bitcoin's open interest contracts have reached the largest increase of the year, surpassing the 2025 high

CryptoQuant analyst Darkfost tweeted that the Bitcoin market is still dominated by the futures market, with the recent bullish momentum mainly coming from investors gradually returning to the derivatives market. Although the funding rate has remained negative for several weeks, the open interest in Bitcoin has recorded its largest increase since 2026, surpassing the increase during the historical peak period of 2025.

Darkfost pointed out that while this reflects a slow return of market optimism, it has also led to a more fragile market structure, where high leverage positions can easily amplify volatility and liquidation risks.