Bitcoin futures open interest is back above $50 billion for the first time this year. Is that healthy leverage or a warning sign? David Lawant, head of research at Anchorage Digital, says it’s a sign of vitality, and explains why rising spot volume and thinning order books point to the early stages of a Bitcoin market upturn.
Chapters:
0:00 Bitcoin Futures Open Interest Tops $50B – Healthy or a Warning Sign?
1:26 Reading Bitcoin’s Market Structure Beyond Open Interest
3:23 Rising Spot Volume, Thinning Order Books, and the Anthropic IPO
4:15 The Liquidity Absorption Ratio Explained
6:52 How to Spot a Bitcoin Market Regime Change
7:36 The $60B Bitcoin Options Market and the Volatility Curve
8:57 Why Short-Dated Bitcoin Volatility Stayed Elevated in 2026
10:09 What Bitcoin Options Tell You That Price Can’t
11:28 Lessons From Anchorage’s 37,000 Covered Call Backtests
13:29 How ETFs and Treasury Companies Are Changing Price Discovery
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