Bitcoin futures open interest has risen nearly 13% since the start of January, signalling a tentative return of risk appetite in crypto markets.
The rebound follows a sharp deleveraging period between October and December during a broader market correction.
Bitcoin futures open interest declined 17.5% over the past three months as traders reduced leveraged exposure.
“This reflected a phase of risk reduction and the unwinding of leveraged positions,”
CryptoQuant analyst Darkfost said.
Data shows Bitcoin futures open interest climbed from about $54 billion on January 1 to more than $61 billion by January 19.
The metric briefly reached an eight-week high of $66 billion on January 15.
“At present, open interest is showing signs of a gradual recovery, suggesting a slow return of risk appetite,”
Darkfost said.
The analyst added that the rebound remains modest and has yet to confirm sustained bullish momentum.
Futures open interest remains around 33% below its all-time high of $92 billion recorded in early October.