Open interest on BTC futures sits near 12-month highs while spot price trades sideways for 50 days—classic divergence signal. When OI climbs but price stagnates, leverage is building without conviction, typically preceding either violent liquidation cascades or a breakout that validates the accumulated positioning. Watch whether this OI sustains above $35B; if it collapses on the next 5% move, we're seeing weak hands trapped in overleveraged longs.
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