Bitcoin futures open interest is back above $50 billion for the first time this year. Is that healthy leverage or a warning sign? David Lawant, head of research at Anchorage Digital, says it’s a sign of vitality, and explains why rising spot volume and thinning order books point to the early stages of a Bitcoin market upturn.
Chapters:
0:00 Bitcoin Futures Open Interest Tops $50B – Healthy or a Warning Sign?
1:26 Reading Bitcoin’s Market Structure Beyond Open Interest
3:23 Rising Spot Volume, Thinning Order Books, and the Anthropic IPO
4:15 The Liquidity Absorption Ratio Explained
6:52 How to Spot a Bitcoin Market Regime Change
7:36 The $60B Bitcoin Options Market and the Volatility Curve
8:57 Why Short-Dated Bitcoin Volatility Stayed Elevated in 2026
10:09 What Bitcoin Options Tell You That Price Can’t
11:28 Lessons From Anchorage’s 37,000 Covered Call Backtests
13:29 How ETFs and Treasury Companies Are Changing Price Discovery
DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.
Bitcoin futures open interest is back above $50 billion for the first time this year. Is that healthy leverage or a warning sign? David Lawant, head of research at Anchorage Digital, says it’s a sign of vitality, and explains why rising spot volume and thinning order books point to the early stages of a Bitcoin market upturn.
Chapters:
0:00 Bitcoin Futures Open Interest Tops $50B – Healthy or a Warning Sign?
1:26 Reading Bitcoin’s Market Structure Beyond Open Interest
3:23 Rising Spot Volume, Thinning Order Books, and the Anthropic IPO
4:15 The Liquidity Absorption Ratio Explained
6:52 How to Spot a Bitcoin Market Regime Change
7:36 The $60B Bitcoin Options Market and the Volatility Curve
8:57 Why Short-Dated Bitcoin Volatility Stayed Elevated in 2026
10:09 What Bitcoin Options Tell You That Price Can’t
11:28 Lessons From Anchorage’s 37,000 Covered Call Backtests
13:29 How ETFs and Treasury Companies Are Changing Price Discovery
DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.
