A recent surge in open interest, according to CryptoQuant analyst Darkfost, has been observed. This significant increase marks the largest rise in a long time, with historical trends suggesting derivatives-driven surges often lack lasting impact. Notably, during the bullish peaks of November and December 2024, open interest saw substantial increases of 16% and 15%, respectively, driven by robust activity within the derivatives market alongside positive momentum in the spot market. However, this current price increase is relatively modest at just 4.2%, a stark contrast to past instances where price movements surged by 10% and 7%. This disparity suggests that selling pressure remains prevalent in the market, potentially indicating a short-term pullback is likely to follow.