Looking just at filecoin:native dollar-denominated open interest, you might think a lot of new positions have been opened. However, in coin-denominated terms, most of it appears to be the price effect. 📊 USD open interest went from $76.6M to $113.9M between the Sep 12 and Sep 13 marks, about +48%. 📈 filecoin:native price rose about 18% across those same two marks. 🧭 In coin terms, open interest went from 95.5M to 119.6M filecoin:native, about +25%. 🔀 The true peak sat later and higher than the daily marks show: 128.8M filecoin:native at 06:00 UTC on Sep 14. Roughly half the headline is revaluation. The rest is exposure that wasn’t there two days earlier. A rally inflates the number that measures it. Denominate in coins, and you find out what actually changed. 🔗 Explore filecoin:native open interest in Sanbase: https://app.santiment.net/charts/fil-coin-oi-32109?utm_source=x&utm_medium=post&utm_campaign=fil_oi_092026&aff=33