Bitcoin open interest (the total value of outstanding derivatives contracts) recovered toward January levels across several major exchanges as BTC moved above $86,000 on September 22. Binance reached roughly $5.25 billion, only 4.5% below its $5.5 billion reading on January 18. Bybit rose to about $2.9 billion, matching its January 15 level, while Gate.io reached $2.83 billion, 2.5% above its $2.76 billion January figure. OKX was the exception at about $1.52 billion, 12.6% below the $1.74 billion recorded in mid-January. The broad-based increase indicates that derivatives positioning and leverage have rebuilt across the market, although open interest does not show whether the exposure is mainly long or short.