The increase in open interest at $BTC above 35 billion dollars is a clear signal that the market is positioning itself for an imminent volatility move. I've been seeing this behavior since the last cycle and, unlike the headlines talking about a bubble, the on-chain data shows a consistent absorption of supply around the 63,500 dollar zone. What the media is ignoring is that leverage is not being used this time to force the price, but to hedge institutional spot positions that have entered strongly over the last two weeks. From my position, I'm trading $BTC with a bullish bias as long as the support at 62,800 dollars holds firm on 4-hour candlesticks. The divergence between spot volume and derivatives volume is key: spot is leading, which is much healthier than a leveraged pump. If the price breaks 67,200 dollars with confirmed volume, I expect a continuation towards 69,500 dollars to liquidate the shorts that got trapped during the consolidation. If we lose the 61,900 dollar zone, the setup becomes invalidated and I'd prefer to exit to recalibrate. Key data: The spot volume over the last 7 days averages 42 billion dollars daily, 15% higher than the 30-day moving average, while the funding rate remains neutral, indicating a balanced market far from the typical overheating of a speculative peak.