Open Interest (OI)

Total value of open futures/perpetual positions.

OI: total open derivatives positions. Rising OI + price up = strong long trend. Rising OI + price down = strong short. Extreme OI = liquidation cascade risk. BTC OI 2025: ~$30B at ATH (vs $10B in 2021).

In plain words

Total money locked in open futures positions. Rising with price = strong trend, new players entering. Very high OI = overheating, liquidation cascade risk. Falling OI = traders closing positions, market calming down.

Example

BTC Mar 2024 ATH 73k: OI $32B = ATH. -25% correction + $5B liqs cleared overhang. Nov 2024: OI 15→$28B as price 65k→99k = bullish trend confirmed.

Also known as: OI, open interest

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