Open interest in Bitcoin Perpetual Futures rose Wednesday with the most in four months as the leading cryptocurrency approached $ 110,000 mark.
Open interest in eternal futures listed on offshore exchanges increased by almost 10% to $ 26.91 billion, the highest single-day increase since March 2, according to Data Source Velo. The data tracking site included activity in USD and USDT-denomined Eternal, listed on Binance, Bybit, OKX, abolition and hyperliquid.
Open interest rates refer to the number of active or open contracts, often expressed in terms of their cumulative dollar-denomined value.
An open interest uptick along with a price increase is said to confirm the appearance. BTC’s price rose over 3.5% to $ 109,600 due to a number of factors, including the disappointing US ADP Jobs Report, which strengthened calls for bold rate cuts, Trump’s trade agreement with Vietnam and the launch of Rex-Osprey Solana + Poor Etf (SSK).
Furthermore, the eternal financing rates for BTC and ETH rose slightly from an annual 5% to over 7%, suggesting renewed demand for geared Bullish acting. Financing rates for DOGE and ADA topped the 10% mark.
BTC’s price rally also led to a total of $ 300 million in liquidation or forced closure of geared futures acting due to margin deficiency. Most of the forced closures were Bearish short positions, according to the data source Coinglass.
A total of 107,604 dealers have been liquidated in the last 24 hours, with the largest single order worth over $ 2.32 million that happens on Hyperliquid.
