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67 Greed

BTC Futures Open Interest Tops $50B as Spot Volume Rises

Original title: David Lawant: Bitcoin Entering New "Bullish Regime" According to Options Market

Bitcoin Magazine 16:53 2,255 views on YouTube BTC −2.4%
Thumbnail for David Lawant: Bitcoin Entering New "Bullish Regime" According to Options Market 16:53

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Summary

Bitcoin futures open interest is back above $50 billion for the first time this year. Anchorage Digital's head of research, David Lawant, says that level is a sign of vitality rather than a warning sign. He points to rising spot volume and thinning order books as signs of the early stages of a Bitcoin market upturn. Bitcoin market structure beyond open interest includes the liquidity absorption ratio. How to spot a Bitcoin market regime change is part of the analysis. The $60 billion Bitcoin options market and the volatility curve are also in focus. Short-dated Bitcoin volatility stayed elevated in 2026. Options can tell you things that price cannot. Lessons come from Anchorage's 37,000 covered call backtests for Bitcoin yield. ETFs and treasury companies are changing price discovery. Other topics include the Anthropic IPO, Deribit, implied volatility, volatility term structure, order book depth, and covered calls. These areas frame the current Bitcoin market structure.

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Key points

  1. Bitcoin futures open interest is back above $50 billion for the first time this year.
  2. Anchorage Digital's head of research, David Lawant, describes that open interest level as a sign of vitality rather than a warning sign.
  3. Rising spot volume and thinning order books point to the early stages of a Bitcoin market upturn.
  4. The Bitcoin options market is described as a $60 billion market.
  5. Short-dated Bitcoin volatility stayed elevated in 2026.
  6. ETFs and treasury companies are changing price discovery.

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