Yesterday, BTC OI (open interest contracts) had a size of 33.34 billion US dollars 🤨 What can be seen is -There is a clear positive correlation between the volume of OI and the rising and falling trend of BTC -Due to the presence of neutral hedging strategies such as USDe and stablecoins, the volume of this round of OI is significantly higher than before -Since 2025, Binance has remained the top choice for contract parties and institutions, with a 30% holding position. Yesterday's single day BTC OI reached $10.2 billion; ETH OI also has $5.1 billion, with a market share of 31% What's hard to guess is BTC has been fluctuating between 100000 and 110000 since May this year, with spot traders, contract traders, and wave traders all claiming they can't make money. So, where are there so many opponents who are solely focused on trading against Ethena? Who is really winning this game