Open interest hitting a new all-time high? That's the kind of metric worth paying attention to. Unlike trading volume which can be pumped with wash trading, OI actually tells you something real about market structure.

Here's why it matters: OI represents capital that's genuinely committed to the market—money that decided to park itself in positions, not just swing through for a quick flip. When you see a fresh OI record hit on January 5, 2026, you're looking at genuine market participation expanding.

Volume numbers lie. They always have. But open interest? It's way harder to fake. You can't just shuffle the same dollars back and forth and move the needle on OI. It requires actual new capital stepping in and holding positions. That's the signal most traders miss while chasing headline volume numbers.