BTC Open Interest on CME Futures has been pretty stable. It's nowhere close to the post election rally hype which saw Open Interest peak at 23B vs the 15B now. TradFi seems more focussed on all these BTC treasury company investment vehicles for the time being. Which are arguably better in the short term because they are more spot orientated. Longer term I do have some doubts about a lot of these companies though. As I don't think they will be as well managed as the likes of MSTR or something. This might cause issues by next bear market. But we'll see in due time.