Bitcoin open interest has returned to levels last seen in January across several major derivatives exchanges as BTC pushed above $86,000 on September 22.

On Binance, Bitcoin open interest reached roughly $5.25 billion, just 4.5% below the $5.5 billion recorded on January 18.

Bybit climbed to about $2.9 billion, matching its January 15 level, while

Gate.io reached $2.83 billion, around 2.5% above its $2.76 billion January reading.

OKX remains the main exception. Its open interest stands near $1.52 billion, about 12.6% below the $1.74 billion recorded in mid-January.

The move therefore extends beyond a single venue: three major exchanges have either returned to January open-interest levels or moved within roughly 5% of them while Bitcoin trades above $86,000.

The broad-based recovery suggests derivatives positioning has rebuilt significantly across the market.

However, open interest alone does not indicate whether the new exposure is predominantly long or short, making the increase more useful as a measure of renewed leverage .

Written by Amr Taha