Bitcoin and Ethereum's open interest just spiked, flashing a bold signal of traders diving back into riskier bets, according to CryptoQuant's latest analysis.

Risk Appetite Rebounds

This surge echoes the gradual recovery CryptoQuant noted in January 2026, when open interest began climbing from 2025 lows. Back in October 2025, it hit rock bottom, dipping into extreme fear territory and foreshadowing sentiment shifts in crypto derivatives. Now, with markets stabilizing post-volatility, investors pile into positions, betting on sustained upside. Historical trends over the past year show open interest often leads recoveries, pulling in capital as fear fades.

Technical Confluence on Bitcoin's 4H Chart

Bitcoin trades at $72,315, firmly above its EMA50 at $69,472 and EMA200 at $68,762, cementing a bullish structure that screams institutional conviction. MACD's golden cross at 957.69 fuels this momentum, but RSI screaming overbought at 70.85 warns of exhaustion. Price hugs the upper Bollinger Band near $73,410, testing volatility limits, while the lower band at $67,771 offers a safety net. Confluence here points to a tactical pullback—expect smart money to rotate profits, retracing toward that EMA50 support before bulls charge higher, mirroring macro flows we've tracked in recent months.

Bitcoin price action ties directly to this open interest boom, potentially amplifying Ethereum's rally as cross-asset correlations tighten.