Bitcoin’s recovery above $71,000 is unfolding alongside a broad expansion in stablecoin-margined open interest across five major derivatives exchanges. Binance BTC open interest reached $4.30 billion on August 20, up roughly 20.4% from $3.57 billion on June 19 and its highest level since that date. Bybit rose 27.5% to $2.27 billion from $1.78 billion on June 23, while Gate.io posted the largest percentage gain, climbing approximately 38.9% to $2.25 billion from $1.62 billion on June 9. OKX increased 17.5% to $1.34 billion from $1.14 billion, and HTX rose nearly 7.9% to $1.09 billion from $1.01 billion over the same June comparison. Together, the five exchanges now account for roughly $11.25 billion in stablecoin-margined Bitcoin open interest. The increase coincides with Bitcoin’s recovery from the roughly $60,000-$63,000 range seen through much of June and July. Open interest, the total value of outstanding derivatives contracts, does not show whether traders are mainly long or short, so the rise alone is not a directional signal. It does, however, indicate that derivatives exposure is expanding broadly alongside the price recovery.