On-chain data shows latest Bitcoin price action at $80,000 was not founded outside of one-off demand only. A new trend in derivatives activity is growing beneath the market, with open interest on major exchanges seeing its largest increase of 2026 and even surpassing the rise seen during Bitcoin’s record formation in 2025.
However, technical analysis shows that the true test of a bullish reversal is yet to come.
Bitcoin Open Interest Posts Largest Increase in 2026
CryptoQuant data, which was first revealed by Crypto analyst Darkfost shows that Bitcoin open interest just recorded its largest 30-day increase since the start of 2026, reflecting many traders entering the Bitcoin futures markets.
This decision comes even though financing rates have remained largely negative for several weeks, meaning that the recovery is not supported by a net situation. unilateral bullish financing environment. Instead, it shows investors are rebuilding their exposure through leverage while sentiment remains cautious.
This is important because the increase is already greater than that recorded during Bitcoin’s previous record formation in 2025.
Bitcoin Open Interest by Exchange: @Darkfost_Coc on X
As the graphical image above shows, derivative capital repayment is not isolated to a single crypto exchange. Binance, the world’s leading cryptocurrency exchange by trading volume, accounts for approximately 34% of the total market share, with an average monthly open interest of approximately $2.5 billion as of May 5.
A similar trend can also be seen on other exchanges, including Gate.io with $1.75 billion and Bybit with $1.15 billion. Darkfost, which identified the data, described the environment as a stark contrast to conditions in the first months of the year, noting that optimism is gradually returning and encouraging traders to increase their risk exposure on different crypto exchanges.
The level that could decide Bitcoin’s next trend
Bitcoin is now back at around $80,000 for the first time since late January 2026, helped by a stronger appetite for risk and increased leverage, alongside an increase in demand for ETFs. As this bullish momentum builds, on-chain data of CryptoQuant’s realized price – UTXO Age Bands metric points to a price level that will determine whether the current recovery is structural or temporary.
The next major level in CryptoQuant’s UTXO age range data is around $88,000, based on the 3-6 month group of realized prices. Bitcoin has already recovered the short term cost holder basis. At the time of writing, the 1 week to 1 month cluster costs around $76,157, the 1 month to 3 month cluster is around $68,891, and the 3 month to 6 month cluster is around $88,231.
Price realized – UTXO age groups. Source: CryptoQuant
This places $88,000 as the price level to watch in May in order to confirm a complete bullish reversal. A clear move above $88,000 would mean that Bitcoin has climbed above the cost basis of all major cohorts in the near term, and this would be the real signal of a trend reversal.
Featured image from Shopify, chart from TradingView
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