according to the latest report released by Matrixport (analyst Markus Thielen from 10x Research), futures open interest has surged significantly since the April low. Despite Solana falling to second place due to the cooling of meme coins and Pump.fun frenzy, Bitcoin's open interest has shown significant growth. This surge may reflect a shift in market risk appetite, especially after the recent reversal of Trump's tariff policy. Bitcoin continues to play a dual role of "risk appetite" and "safe haven", increasingly fitting the narrative of "digital gold". However, open interest contracts currently seem to be stabilizing, which may confirm our view that traders are starting to take profits and plan to re-enter at lower levels.