Bitcoin Perpetual Futures Open Interest Jumps 10% as Price Surges 3.5%

Bitcoin perpetual futures open interest surged by nearly 10% on Wednesday, marking the highest single-day increase since March 2. This surge coincided with Bitcoin's price rising over 3.5% to $109,600, driven by factors such as a weak U.S. ADP jobs report, which strengthened calls for Fed rate cuts, and the launch of the REX-Osprey Solana + Staking ETF (SSK).

Open interest in perpetual futures listed on offshore exchanges rose to $26.91 billion, according to data source Velo. This data includes activity in USD and USDT-denominated perpetuals listed on various exchanges. 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, validating the bullish sentiment in the market.

The price rally also led to a total of $300 million in liquidations, primarily affecting bearish short positions. 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.

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, indicating a strong bullish sentiment across various cryptocurrencies.