Earlier this week, BTC went from ~$64K to ~$77K, while open interest increased from roughly $22B to $24.9B.

Leverage is coming back as BTC breaks higher, but OI is still lagging behind the move in price.

BTC is up roughly 21% from the recent low, while OI is up around 13%.

The estimated leverage ratio is also around 0.23, still below some of the higher levels seen earlier this year.

So far, the rally doesn't look heavily driven by leverage. Traders are adding positions, but not at the same pace as the move in BTC.

If BTC keeps pushing higher, OI and ELR will be important to watch. If OI starts catching up quickly and ELR moves back toward its previous highs, that would change the picture.

For now, price is still moving faster than leverage.

Written by nocoffeenobrain