Crypto Market Sees Surge in Open Interest Amid Rising Leverage

Open interest in the crypto market has surged by 7.6% to around $156 billion, hitting its highest level since 2024.

This rise comes as Bitcoin's price approaches $87,000, with traders ramping up leverage and FOMO (fear of missing out) on further gains reaching its highest level since 2024.

The increase in open interest is accompanied by a sharp shift in sentiment across the crypto market, with discussion of further Bitcoin gains outweighing pessimistic sentiment. This surge in positive sentiment, however, does not guarantee a market reversal and increases risks compared to last week when trader sentiment was far more pessimistic.