BTC swaps are getting manipulated, its pretty obvious.  The amount of swaps really getting shorted is probably 50% of the amount being shown.
Someone or a group of people are reserving, but not using.  Most likely to force interest rates much higher.  Up till around a week ago only around 8k was actually being used/reserved.

I have to constantly scan swaps now for cheaper rates so I don't end up getting killed by high rates.