Bitcoin's open interest has reached a new peak, marking the largest annual increase since 2026, according to CryptoQuant analyst Darkfost. Despite negative funding rates persisting for several weeks, the futures market has seen a resurgence in investor activity, driving this growth. The increase in open interest surpasses the levels seen during the 2025 all-time high, indicating a cautious return of market optimism. However, Darkfost warns that the market's structure is now more susceptible to volatility and liquidation risks due to the prevalence of highly leveraged positions.