#BTC Review of OI in the Past 3 Bottoms!

Open Interest (OI) on contracts is now approaching historical highs—is this the bottom?

A hot topic of discussion recently is that while the price keeps dropping, contract open interest (OI) across various exchanges keeps rising, and the long/short ratio is also very high... Everything points to contract funds trying to catch the bottom...
Now OI is already close to historical highs... Everyone is already in the market... Could the bottom appear under such circumstances?

Let’s look back at the past three instances: the April 2025 tariff war bottom (Figure 1), the 2024 sideways bottom (Figure 2), and the 2022 bear market bottom (Figure 3). The current OI's historical position is shown in Figure 4.

Looking back, the general conclusion is:
During the past three downturns, there were always people guessing the "bottom"—buying in as the price kept falling, with OI continually climbing.
But the real bottoms never appeared when OI was high... In the end, there was always a sharp drop to clear OI before the market gradually recovered...

So, what about this time?