Data shows that in mid-January, the total open interest in Bitcoin options surged to approximately $74.1 billion, surpassing the total open interest in Bitcoin futures at approximately $65.22 billion for the first time. Analysts point out that when open interest in options exceeds that of futures, it typically indicates that the market is shifting from purely directional leverage to more structured risk exposures, such as hedging, yield strategies, and volatility positions. According to Checkonchain data, open interest in options saw a sharp decline at the end of December last year, followed by a rebuild in early January. This aligns with the pattern of market risk rebuilding after major expiration dates, while the change in open interest in futures during the same period was more stable. (CryptoSlate)