Everyone is max long. 

Following Bitcoin's historical run this week, open interest on BTC futures smashed through $80B to reach record levels. That’s a staggering $45.5B (+125%) increase from last May, when BTC traded around $70K.

Funding rates on Binance, Deribit, and Hyperliquid quickly surged well beyond 50% annualized. Hyperliquid now handles upwards of $4.5B in BTC open interest (a new high), with BTC making up nearly 50% of all OI (up from 32% last month).

Meanwhile, institutions poured in: over $2.75B in weekly BTC ETF inflows, including $935M in a single day as BTC broke $110K, its strongest daily total since January.

Getting frothy, buckle up 😈