CryptoQuant recently analyzed that Bitcoin (BTC) has surged 23% over the past three weeks, rising from $52.5k to $65k. This strong momentum has been partly driven by growing demand for a BTC spot ETF. As a result of this price increase, short-term holders, who hold BTC for less than 155 days, are now in profit. These holders, with a cost basis of $63k, are expected to provide support for the price of BTC. However, there are some concerns about overheating in the futures market. Open interest, which is the total number of outstanding futures contracts, is currently at $19.1B. This marks the seventh time this year that open interest has surpassed $18B. Historically, when open interest has crossed $18B, the price of BTC has declined.