Bitcoin’s price recently rose to $80,000, according to on-chain data. not based on Spot demand alone is not enough. A new trend in derivatives activity is taking shape in the market, with open interest on major exchanges recording its largest increase in 2026 and surpassing the gains seen during Bitcoin’s 2025 all-time high.
However, technical analysis suggests that the real test of a bullish reversal remains to be seen.
Bitcoin open interest hits record high in 2026
CryptoQuant data It was first published by . Crypto analyst Darkfost reports that Bitcoin open interest has recorded its largest 30-day increase since early 2026, reflecting the large number of traders entering the Bitcoin futures market.
The move comes despite funding rates remaining broadly negative for several weeks. This means that the rally does not have the support of a clean government. One-sided bullish financing environment. Instead, it shows that investors are rebuilding exposure through leverage even amid still cautious sentiment.
This is important because the increase is already greater than the increase recorded during Bitcoin’s previous all-time high in 2025.
Bitcoin open interest by exchange: @Darkfost_Coc On
As you can see in the chart image above, the return of derivatives capital is not limited to one cryptocurrency exchange. Binance, the world’s leading cryptocurrency exchange by trading volume, has approximately 34% of the total market share, and as of May 5, the average monthly outstanding interest amount was approximately $2.5 billion.
Similar trends can be seen on other exchanges, most notably Gate.io with $1.75 billion and Bybit with $1.15 billion. Darkfost, which confirmed the data, described the environment as a stark contrast to the situation in the first few months of the year, noting that optimism is gradually returning and is encouraging traders to increase their risk exposure on various cryptocurrency exchanges.
A level that can determine Bitcoin’s next trend
Bitcoin is now back to around $80,000 for the first time since late January 2026. due to stronger risk appetite As demand for ETFs increased, so did leverage. While this bullish momentum is building, CryptoQuant’s Realized Price – On-Chain Data for UTXO Age Band Indicator pointing to Price levels that determine whether the current recovery is structural or temporary.
The next major level in CryptoQuant’s UTXO age range data is around $88,000, based on a 3-6 month realized price cluster. Bitcoin is already short payback Cost holder basis. At the time of writing, the 1-week to 1-month cluster is approximately $76,157, the 1- to 3-month cluster is approximately $68,891, and the 3- to 6-month cluster is approximately $88,231.
Realized Price – UTXO Age Band. Source: CryptoQuant
This sets $88,000 as a price level to watch in May. Confirmation of complete bullish reversal. A clear rise above $88,000 would mean Bitcoin has risen above cost basis for all major short-term cohorts, which would be a real sign of a trend reversal.
Featured image from Shopify, chart from TradingView
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