Bitcoin's open interest keeps climbing right alongside the price—this is telling us something important. New capital is flooding in, not weak hands scrambling to cover shorts. The data matters here.

Leverage is expanding at a measured pace, which points to sustained momentum rather than a market running out of steam. When you see this pattern, it's typically the story of a trend with legs, not one on life support. The gradual nature of the leverage increase suggests institutional or methodical retail positioning rather than panic-driven moves.

The picture emerging: fresh money entering, positions growing steadily, price rising in tandem with open interest. That's the blueprint for continuation, not exhaustion.