BTC Futures See Nearly 10% Spike in Open Interest as Bitcoin Approaches $110K Mark

Bitcoin Futures Open Interest Posts Sharpest Rise Since March as BTC Targets $110K

Bitcoin’s rally is gaining traction, as a significant increase in futures open interest signals growing bullish sentiment while the cryptocurrency edges closer to the $110,000 level.

Data from Velo shows that on Wednesday, the open interest in bitcoin perpetual futures surged nearly 10% to reach $26.91 billion — the biggest single-day jump since March 2. This surge was fueled by trading on leading offshore exchanges, including Binance, Bybit, OKX, Deribit, and Hyperliquid, covering both USD- and USDT-margined contracts.

Open interest reflects the total value of outstanding futures contracts that haven’t been closed. A rising open interest alongside climbing prices is typically viewed as confirmation of a strengthening upward trend.

Bitcoin’s price advanced by more than 3.5% on the day, hitting $109,600. Analysts attribute this upward move to several factors: a weaker-than-expected U.S. ADP jobs report that raised hopes for interest rate cuts, news of former President Donald Trump securing a new trade deal with Vietnam, and the debut of the REX-Osprey Solana + Staking ETF (SSK).

Further fueling the rally, funding rates for bitcoin and ether perpetual futures increased from an annualized 5% to over 7%, indicating greater demand for leveraged long positions. Funding rates for other cryptocurrencies, including DOGE and ADA, climbed above 10%, reflecting even more aggressive bullish positioning.

Bitcoin’s sharp gains also led to a wave of liquidations across the derivatives market. Figures from Coinglass reveal that over $300 million in positions were liquidated due to margin calls in the past 24 hours, with the majority being short bets against bitcoin’s price rise. A total of 107,604 traders saw their positions wiped out, with the single largest liquidation — worth over $2.32 million — taking place on Hyperliquid.