On July 10, Glassnode reported a notable shift in market dynamics during Bitcoin’s recent surge to $112,000. Unlike the previous rally in late June, where open interest (OI) declined as short sellers closed positions, this latest price increase was accompanied by a rise in OI. This trend suggests that market participants are not solely reacting to short covering but are actively establishing new long positions. The data highlights a growing confidence among traders, reflecting a more robust and engaged market environment. Such developments underscore the evolving behavior of investors in the cryptocurrency space, signaling potential sustained momentum rather than transient price movements driven by short-term liquidation events.