The total open interest of BTC has exceeded 65 billion USD, and there is currently no divergence. Spot buying and futures continuation are still maintaining a good rhythm. Since 75,000, this cycle has been continuously repeating.

The general pattern is that the spot first rises for a while, then experiences slight fluctuations, followed by a rise in futures, entering a consolidation phase. During the consolidation phase, the open interest from futures is gradually reduced, and then the cycle repeats.

In this rhythm, the main concerns are situations where the total open interest in futures reaches a new high while the price does not, or where the growth rate of futures open interest significantly exceeds that of the price.

However, there are currently no such adverse phenomena, so the trend structure remains a model of spot dominance + futures continuation.