Bitcoin futures open interest has moved back above $50 billion for the first time this year, according to Bitcoin Magazine. David Lawant, head of research at Anchorage Digital, said the move should not be read as a warning sign of excessive leverage. In his view, it reflects stronger market activity instead.
Lawant pointed to rising spot trading volume and thinner order books as signs that Bitcoin may be entering an early stage of market recovery. He also discussed the liquidity absorption ratio as a way to identify shifts in Bitcoin market structure.
His analysis also covered the roughly $60 billion Bitcoin options market and the volatility curve, including why short-dated Bitcoin volatility has remained elevated in 2026. Lawant said options data can reveal information that price action alone does not show. He also shared Anchorage’s experience from 37,000 covered call backtests and discussed how ETFs and treasury companies are changing Bitcoin’s price discovery process.
Bitcoin futures open interest has risen back above $50 billion for the first time this year, according to Bitcoin Magazine.
David Lawant, head of research at Anchorage Digital, said the move is not a warning sign of excessive leverage. He described it instead as a sign of stronger market activity.
Lawant said rising spot trading volume and thinner order books point to an early stage of recovery in the Bitcoin market.
In his analysis, he also introduced the liquidity absorption ratio and explained how it can be used to identify changes in Bitcoin market structure.
He further discussed the roughly $60 billion Bitcoin options market and the volatility curve, outlining why short-dated Bitcoin volatility has remained elevated in 2026 and what options data can show that price alone cannot.
Lawant also shared Anchorage’s experience from 37,000 covered call backtests and discussed how ETFs and treasury companies are changing the price discovery process for Bitcoin.
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