Santiment recorded the highest level of Bitcoin FOMO since 2024 and a 7.6% increase in open interest—reaching approximately $156 billion during the latest rally as BTC climbed toward $87,000. Open interest in Bitcoin, Ethereum, and Solana stands at $25.84 billion, $16.97 billion, and $2.97 billion, respectively.

Mass Liquidations of Shorts and Accelerated Trading

Nearly $648 million in crypto short positions were liquidated during the breakout. Despite this, total open interest continued to rise, indicating rapid opening of new leveraged positions. According to Santiment, the surge in optimism was accompanied by a 39% increase in overall cryptocurrency trading volume.

Ethereum Stands Out: OI Tops $17B for the First Time Since January

Ethereum led in momentum: on Tuesday, open interest in ETH exceeded $17 billion for the first time since January. In the Ethereum market, short liquidations surpassed $120 million amid the asset's accelerating rally.

High OI Supports Trend but Increases Risks

Analysts note that elevated open interest can support further movement if spot demand persists. However, a halt in price growth alongside further leverage increases could trigger a new wave of liquidations.

Earlier, CryptoQuant reported that Bitcoin rose to $85,000 amid a negative Coinbase Premium.