If we only look at Binance BTC perpetual contracts, the open interest has indeed approached the highs before the 10/11 crash. However, the total open interest across the network hasn’t yet returned to the levels of that time. Additionally, the rapid increase in Binance’s open interest is partly just a natural replenishment after excessive liquidations. What’s truly worth paying attention to is the chunk of open interest that has been rapidly stacking up since the day before yesterday, after BTC dropped below 100K. This indicates: some people are riding the trend and shorting all the way, while others are going against the trend and longing all the way. Even after this significant drop, the bulls haven’t surrendered en masse, and the bears haven’t collectively closed their positions either. The whole situation remains deadlocked. As for the next direction, open interest itself doesn’t provide an answer. It only shows that the chips are piling up more than before, and everyone is still at the table, that’s all. Here are two classic counterexamples: **2021/5-2021/7** After the 519 crash wiped out a wave of open interest, Binance BTC perpetual contract open interest kept rising during BTC’s weak consolidation phase. It seemed like the bears had the upper hand, but later, there was a clear short squeeze. **2025/2-2025/3** After dropping below 90K, Binance BTC perpetual contract open interest rose rapidly. In the end, the bulls couldn’t hold the downward trend, and when it dropped below 80K, there was a wave of bull liquidation. So, does the rise in open interest itself have any significance? Honestly, not much—it needs to be analyzed alongside other data. Is it the bears getting greedy and refusing to close out, or the bulls stubbornly holding on for dear life? Objectively, you’ll have to decide for yourself.