Bitcoin Futures Open Interest Spikes to Highest Daily Gain Since March as BTC Nears $110K
Bitcoin’s upward momentum continues to build, as a sharp increase in futures market activity underscores growing optimism, with prices approaching the $110,000 level.
On Wednesday, the open interest in bitcoin perpetual futures surged by nearly 10%, hitting $26.91 billion — the largest daily gain since March 2, according to data from Velo. The jump was driven by significant trading on major offshore platforms like Binance, Bybit, OKX, Deribit, and Hyperliquid, spanning both USD- and USDT-margined contracts.
Open interest measures the total dollar value of all outstanding futures contracts yet to be settled. When open interest grows alongside rising prices, it’s often viewed as a sign that an upward trend is strengthening.
Bitcoin’s price advanced more than 3.5% during the session, reaching $109,600. Analysts attribute this move to several bullish catalysts, including a softer-than-expected U.S. ADP jobs report raising hopes for Federal Reserve rate cuts, a new trade deal between former President Donald Trump and Vietnam, and the rollout of the REX-Osprey Solana + Staking ETF (SSK).
The rally also pushed funding rates for bitcoin and ether perpetual futures higher, rising from an annualized 5% to above 7%, reflecting increased demand for leveraged long positions. Meanwhile, altcoins like DOGE and ADA saw even steeper funding rates, exceeding 10%, suggesting heightened bullish speculation.
Bitcoin’s rapid price rise triggered significant liquidations in derivatives markets. According to Coinglass data, over $300 million in positions were liquidated in the past 24 hours, with most losses hitting traders who had bet against bitcoin’s gains. In total, 107,604 traders were liquidated, with the largest single liquidation — valued at over $2.32 million — occurring on Hyperliquid.
