Open interest (OI) on Bitcoin futures and perpetual pairs has reached a historic high on centralized exchanges (CEX). According to Bitfinex's latest weekly report, OI for Bitcoin futures and perpetual pairs reached $26 billion, surpassing the previous record of $24 billion set in Q4 2021. This increase shows that investors are increasing their confidence in the pre-halving rally that has pushed the BTC price to 2021 highs of $69,000 and beyond. 📈🚀

On the other hand, altcoins are also gaining momentum, indicating that an altcoin season is approaching in which crypto assets other than BTC experience large capital inflows and an increase in market speculation. Bitfinex thinks TOTAL3 (an index for all cryptocurrencies except BTC and ether) could be at the start of altcoin season with a 50% increase. The index's market cap rose significantly from a bear market record of $450 billion to $640 billion.