On-chain data shows Bitcoin’s recent price move to $80,000 Not based From instant ordering alone. A new trend of derivatives activity is building in the market, with open interest across major exchanges recording its strongest increase in 2026 and even surpassing the rise seen during Bitcoin’s all-time high in 2025.
However, technical analysis shows that the real test of the bullish reversal is still ahead.
Bitcoin open interest records largest increase in 2026
CryptoQuant data, which It was first revealed by Cryptocurrency analyst Darkfost shows that Bitcoin open interest has just posted its largest 30-day increase since the start of 2026, a reflection of many traders entering the Bitcoin futures markets.
The move comes even though funding rates have remained broadly negative for several weeks, meaning the rally does not have clean support One-sidedly bullish financing environment. Instead, it shows that investors are rebuilding exposure through leverage while sentiment remains cautious.
This is important because the increase is already larger than that recorded during Bitcoin’s previous all-time high in 2025.
Bitcoin open interest via exchange: @Darkfost_Coc On X
As shown in the chart image above, the return of derivative capital is not limited to a single cryptocurrency exchange. Binance, the world’s leading cryptocurrency exchange by trading volume, represents approximately 34% of the total market share, with an average monthly open interest of approximately US$2.5 billion as of May 5.
A similar trend can also be observed across other exchanges, notably Gate.io at $1.75 billion and Bybit at $1.15 billion. Darkvost, who identified the data, described the environment as a sharp contrast to conditions in the first few months of the year, noting that optimism is gradually returning and encouraging traders to increase their risk exposure on various cryptocurrency exchanges.
The level that can determine the next direction for Bitcoin
Bitcoin is now back in circulation at around $80,000 for the first time since late January 2026, which has helped… Through a strong desire to take risks And increased leverage, along with increased demand for ETFs. While this bullish momentum is building, on-chain data from the real price of CryptoQuant – UTXO Age Bands metric Refers to The price level that will determine whether the current recovery is structural or temporary.
The next major level of UTXO age range data for CryptoQuant is around $88,000, based on the 3-6 month realized price range. Bitcoin has Already recovered in the short term Cost bearer basis. At the time of writing, the 1-week to 1-month collection is approximately $76,157, the 1-month to 3-month collection is approximately $68,891, and the 3-month to 6-month collection is approximately $88,231.
Realized price – UTXO age ranges. Source: Cryptoquant
This puts $88,000 as a price level to watch in May for this Confirmation of complete bullish reversal. A clear move above $88,000 would mean that Bitcoin has risen above the cost basis of all major short-term groups, and this would be a real signal for a trend reversal.
Featured image from Shopify, chart from TradingView
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