CryptoQuant analysts note that the observed imbalance in derivatives markets could be an important signal. Although open interest data remains unchanged, the increase in reserves suggests that investors are preparing for a potential decline by opening short positions or increasing collateral to protect their existing positions. This indicates heightened uncertainty regarding the market direction. The analysis also pointed out that a sustainable upward trend requires a resumption of increased stablecoin supply. Otherwise, it warned, a sudden and sharp downward volatility could occur due to the influence of derivatives markets in conditions of weak underlying liquidity.