Bitcoin Futures Open Interest Surges Nearly 10% as BTC Eyes $110K
2025-07-02 18:16:18
Main Idea
Bitcoin futures open interest surged nearly 10% as BTC price rose over 3.5% to $109,600, driven by factors like a weak U.S. ADP jobs report and the launch of a new ETF.
Key Points
1. Open interest in bitcoin perpetual futures surged by nearly 10% to $26.91 billion, the highest single-day increase since March 2.
2. BTC's price rose over 3.5% to $109,600, influenced by a disappointing U.S. ADP jobs report, Trump's trade deal with Vietnam, and the launch of the REX-Osprey Solana + Staking ETF (SSK).
3. Perpetual funding rates for BTC and ETH rose slightly from an annualized 5% to over 7%, indicating renewed demand for leveraged bullish plays.
4. The price rally led to $300 million in liquidations, with 107,604 traders liquidated in the past 24 hours, including a single order worth over $2.32 million on Hyperliquid.
Description
Open interest in bitcoin perpetual futures surged Wednesday by the most in four months as the leading cryptocurrency neared the $110,000 mark. Open interest in perpetual futures listed on offshore exchanges rose by nearly 10% to $26.91 billion, the highest single-day increase since March 2, according to data source Velo. The data tracking website included activity in USD and USDT-denominated perpetuals listed on Binance, Bybit, OKX, Deribit, and Hyperliquid. Open interest refers to the number of...
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