Bitcoin's aggregated open interest is holding steady at around $29 billion, a level last seen in June, despite recent price volatility. This stability comes even as Bitcoin's price has surged approximately 25% in the last two weeks, recovering from a low of $54,550. 

Open interest peaked at $40 billion on the Fourth of July after prices tumbled more than 5% that day. For context, open interest represents the total number of outstanding derivative contracts that have not been settled.

Bitcoin futures trading volume remains consistent at about $1.5 trillion month-over-month, indicating sustained trader engagement despite price fluctuations. This scenario presents an interesting divergence from traditional market expectations.

Typically, high levels of open interest …