K33 Research's latest report by Vetle Lunde highlights a significant increase in Bitcoin's perpetual contract open interest, which rose by 36,000 BTC over the past week, marking the largest weekly increase since April 2023. The report notes a rise in funding rates, indicating a shift towards risky market behavior rather than defensive positioning. Additionally, CME futures premiums are at their lowest this year, contrasting sharply with the high-leverage retail market structure. K33 estimates a potential market bottom between $84,000 and $86,000, with extreme scenarios possibly testing April lows and the Strategy $74,433 cost range.