Binance’s open interest jumped nearly 8% in 24 hours to briefly exceed $10 billion during the $82,000 retest, before cooling back to $9.67 billion, signaling a pullback in leverage-driven activity. The Miners’ Position Index (MPI) remains near neutral at -0.036, well below the August peak of 2.8, indicating miners are not aggressively selling despite the recovery. Bitcoin’s 90-day gold correlation has climbed toward +0.50, more than doubling from early-2026 levels, while its Nasdaq correlation has fallen to +0.30, suggesting a shift toward a monetary hedge profile. The next price support will depend on continued miner restraint combined with stable open interest, rather than derivative-driven speculation alone.
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