Bitcoin Futures Open Interest Rises Above $50 Billion

Bitcoin futures open interest has risen above $50 billion for the first time this year. David Lawant, head of research at Anchorage Digital, stated that this reflects market vitality and is not a warning signal of excessive leverage. He pointed out that the increase in spot trading volume, along with a thinning order book, indicates an early stage of recovery in the Bitcoin market. Lawant introduced the liquidity absorption ratio and explained how to identify shifts in Bitcoin market mechanisms. He mentioned the Bitcoin options market, which is approximately $60 billion in size, and the volatility curve, explaining why short-term Bitcoin volatility remains elevated through 2026 and what information options data can provide that prices themselves cannot reflect. Additionally, he shared Anchorage's experience with backtesting 37,000 covered call options and discussed how ETFs and treasury companies are changing the price discovery process for Bitcoin.

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