According to data from the Coinglass platform, the current open positions in Bitcoin futures contracts have reached $17.582 billion. CME holds the largest share at $4.769 billion, followed by Binance at $4.151 billion, and Bybit at $3.199 billion. The substantial open interest across these platforms suggests significant market activity. So will Bitcoin rebound this week?
The data you have mentioned does tell us that they are future trades but it doesn't tell us which future trades, they might be short or long. What if the short trades are in a higher valuation than the long ones, then your prediction will not be completed. As we don't know people are either bullish or bearish with BTC price in the upcoming week. If you ask me what are my predictions on this, then I will say people are mostly bearish on this.
And I am also expecting more downtrends in the BTC price, this is due to the billions of cash inflow and outflow from BTC which have made it highly volatile than before. Which is just too risky for all of us, and I was reading a news 2 days ago that, ARK has moved there a lot of money from the Future ETF of BTC to their own Spot BTC ETF, knowing as parking the spot technique to save funds for liquidation which also tells us that market might be bullish in upcoming days, or it is already in bearish state because it is around $40k now at the time of writing.