LINK’s leverage is back above where it stood going into the crash. The price isn’t. Standard Chartered opened coverage last week with a staged $200-by-2030 target. LINK’s spot reaction was muted, down on the day the note landed. The derivatives book moved instead. 📈 Coin-denominated open interest sits near 29M LINK, back above its October 9 level for the first time since the October 10 liquidation cascade. 🔀 In dollar terms OI is still only about half of pre-crash, roughly $279M against ~$555M, because LINK trades ~57% below its October price. 📊 Funding has stayed positive every day through the buildup, so the added open interest skews long. 🧭 Still short of the August 2025 peak near 34M coins. A rebuild, not a new extreme. The analyst call set the target. The order book set the leverage. 🔗 Explore LINK’s Open Interest in Sanbase: https://app.santiment.net/charts/chainlink-17-08-32025?utm_source=x&utm_medium=post&utm_campaign=link_oi_081726&aff=33 (researched with Santiment MCP + Claude)