Bitcoin futures open interest has surged to over $21 billion, marking the highest level since November 2021, as reported by CoinGlass. This increase in notional open interest indicates a growing interest in leveraged products like futures amidst Bitcoin's recent rally, which has seen a 28% increase in just over three weeks. Despite the rise in open interest, overall leverage in the market remains low, suggesting a decreased likelihood of sudden liquidations-induced price volatility. The current estimated leverage ratio for Bitcoin is at 0.20, still far from the levels seen in August last year, according to data from CryptoQuant. Additionally, while futures open interest has increased, it remains below the peak reached in October 2022, standing at 430,500 BTC contracts.