Bitcoin Perpetual Futures Open Interest Rises Nearly 10% to $26.91 Billion
Open interest in bitcoin perpetual futures increased by nearly 10% to $26.91 billion, marking the largest single-day rise since March 2. This surge coincides with BTC nearing the $110,000 mark.
- Open interest measures active contracts' cumulative dollar-denominated value.
- BTC's price climbed over 3.5% to $109,600, influenced by factors such as the U.S. ADP jobs report, Trump's trade deal with Vietnam, and the launch of the REX-Osprey Solana + Staking ETF (SSK).
- Funding rates for BTC and ETH rose from an annualized 5% to over 7%, indicating increased demand for leveraged bullish positions.
- Funding rates for DOGE and ADA surpassed 10%.
- The price rally resulted in $300 million in liquidations, primarily from bearish short positions.
- 107,604 traders were liquidated in the past 24 hours, with the largest liquidation order exceeding $2.32 million on Hyperliquid.