Open interest across crypto derivatives markets has climbed to $100 million, a level interpreted as a clear sign that speculative appetite is back. This metric tracks the total number of outstanding derivative contracts that have not been settled, serving as a reliable gauge of trader conviction. When OI rises alongside prices, it indicates fresh capital entering the market rather than existing positions simply changing hands. The return of these animal spirits, a concept popularized by John Maynard Keynes in 1936, aligns with renewed retail participation in mid-2025.
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