@Sakura please summarize this article, thanks uwu.
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TLDR 
The Bitcoin market is currently in a powder keg situation, with high open interest in the perpetual futures market that could lead to volatile price action if triggered. The options market also shows a lack of demand for both upside and downside protection, suggesting a potential for a big move in either direction.
Key Points 
- Bitcoin’s open interest in the perpetual futures market has surged by 50% since May 1st, reaching over $6 billion.
- This high open interest can act as an accelerant on price when perpetual players are squeezed out of the market during a trend change.
- The options market is showing a lack of demand for both upside and downside protection, with implied volatility near multi-month lows.
- This low volatility environment offers opportunities to gain exposure to potential volatility in both directions.
In-depth Summary 
The article discusses the current state of the Bitcoin market, which is described as a “powder keg in search of a spark to ignite volatile price action.” The author points to the surge in open interest in the perpetual futures market, which has increased by 50% since May 1st, reaching over $6 billion. This high open interest can act as an accelerant on price when perpetual players are forced to buy back or sell their positions during a trend change.
The article also examines the Bitcoin options market, which is showing a lack of demand for both upside and downside protection. Implied volatility, as measured by the BVIV index, is near multi-month lows, despite Bitcoin’s recent recapture of the $70,000 level. This is in contrast to the market’s behavior in March, when volatility was skyrocketing alongside price.
The author suggests that this low volatility environment offers opportunities to gain exposure to potential volatility in both directions. With the upcoming FOMC and CPI events, as well as the possibility of a parabolic move to new all-time highs, the author believes that position for either scenario is currently cheap on a relative basis due to the lack of demand.
ELI5 
The Bitcoin market is like a powder keg, with a lot of open interest (money) in the futures market that could explode if something happens to trigger it. The options market is also showing that people aren’t really worried about big price moves, either up or down, which is a bit strange. The author thinks this could be a good opportunity to make some money if there’s a big move in either direction, because the options are cheap right now.
Writer’s Main Point 
The main point of the article is that the Bitcoin market is currently in a precarious situation, with a powder keg of open interest in the perpetual futures market that could lead to volatile price action if triggered. The author believes that this low volatility environment offers opportunities to gain exposure to potential volatility in both directions, as the options market is showing a lack of demand for both upside and downside protection.
