Open interest in Bitcoin Perpetual Futures to climb on Wednesday most of the four months as the leading cryptocurrency approaches the $ 110,000 mark.
The open interest in the eternal futures listed on offshore exchanges rose nearly 10% to $ 26.91 billion, the highest increasing single day from March 2, according to Relo’s resource data. The data tracking website includes activity in the USD and USDT-denominated perpetuals listed in Binance, Bybit, OKX, Deribit, and Hyperliquid.
Open interest refers to the number of active or open contracts, which is often expressed in terms of their aggregate dollar-value.
An opening of open interest next to a price increase is said to confirm the uprising. BTC prices have risen to more than 3.5% to $ 109,600 due to a host of factors, including failed US ADP jobs reports, which has strengthened calls for Fed rates, Trump’s trade deal with Vietnam, and the launch of Rex-Opprey Solana + Staking ETF (SSK).
Moreover, BTC and ETH funding rates increased slightly from an annual 5% to more than 7%, suggesting that updated demand for leveraged bullish plays. Funding rates for Doge and ADA lead a 10% score.
The BTC price rally also led to a total of $ 300 million in the destruction or forced closure of leveraged futures that perform due to margin deficiencies. Most forced closure are short bearish positions, according to data source coinglass.
A total of 107,604 merchants have been lying in the past 24 hours, with the largest single order, worth more than $ 2.32 million, which occurs in hyperliquid.
