Bitcoin Magazine featured a video discussion arguing that Bitcoin may be moving into a new bullish regime, with Anchorage Digital head of research David Lawant pointing to derivatives and market-structure signals rather than price alone.
The headline metric in the episode was Bitcoin futures open interest, which has climbed back above $50 billion for the first time this year. Lawant said that should be read as a sign of vitality, not simply as a leverage warning. He also said rising spot volume and thinning order books suggest Bitcoin could be in the early stage of a market upturn.
Topics listed in the episode
The chapter list published with the video shows the discussion covered:
- Bitcoin futures open interest topping $50 billion and whether that reflects healthy leverage or a warning sign;
- How to read Bitcoin’s market structure beyond open interest;
- Rising spot volume, thinning order books, and the Anthropic IPO;
- An explanation of the liquidity absorption ratio;
- How to identify a Bitcoin market regime change;
- The $60 billion Bitcoin options market and the volatility curve;
- Why short-dated Bitcoin volatility stayed elevated in 2026;
- What Bitcoin options can show that price cannot;
- Lessons from Anchorage’s 37,000 covered call backtests;
- How ETFs and treasury companies are changing price discovery.
Disclaimer and byline
Bitcoin Magazine said the views and opinions expressed in the show were those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or affiliated entities. It also said the content was provided for informational and educational purposes only and should not be taken as investment, legal, tax, or accounting advice, or as a solicitation, recommendation, endorsement, or offer to buy or sell securities or financial instruments.
The post page says the piece first appeared on Bitcoin Magazine and was written by Patrick Green.