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Bitcoin Futures Open Interest Surges Nearly 10% as BTC Eyes $110K
An uptick in open interest alongside a price rise is said to validate the uptrend.
Updated Jul 2, 2025, 5:05 p.m. Published Jul 2, 2025, 5:04 p.m.
What to know:
- Open interest in bitcoin perpetual futures surged by nearly 10%.
- Bitcoin's 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.
- The price rally led to $300 million in liquidations, primarily affecting bearish short positions.
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.
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Open interest refers to the number of active or open contracts, often expressed in terms of their cumulative dollar-denominated value.
An uptick in open interest alongside a price rise is said to confirm the uptrend. BTC's price surged over 3.5% to $109,600 due to a host of factors, including the disappointing U.S. ADP jobs report, which strengthened calls for Fed rate cuts, Trump's trade deal with Vietnam, and the launch of the REX-Osprey Solana + Staking ETF (SSK).
Furthermore, the perpetual funding rates of BTC and ETH rose slightly from an annualized 5% to over 7%, suggesting renewed demand for leveraged bullish plays. Funding rates for DOGE and ADA topped the 10% mark.
BTC's price rally also led to a total of $300 million in liquidations or forced closure of leveraged futures plays due to margin shortages. Most of the forced closures were bearish short positions, according to the data source Coinglass.
A total of 107,604 traders have been liquidated in the past 24 hours, with the largest single order, worth over $2.32 million, happening on Hyperliquid.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
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