Bitcoin Futures Open Interest Sees Biggest Jump Since March as BTC Approaches $110K

Bitcoin’s momentum continues to build, with a sharp rise in open interest reinforcing the bullish trend as the asset inches closer to the $110,000 mark.

On Wednesday, open interest in bitcoin perpetual futures jumped nearly 10% to $26.91 billion — marking the largest single-day increase since March 2, according to data from Velo. The surge includes activity from major offshore exchanges such as Binance, Bybit, OKX, Deribit, and Hyperliquid, covering both USD- and USDT-margined contracts.

Open interest represents the total value of outstanding futures contracts that remain active. When open interest increases in tandem with rising prices, it is often viewed as confirmation of a strengthening uptrend.

Bitcoin’s price climbed more than 3.5% on the day, reaching $109,600. The rally was attributed to a combination of bullish catalysts, including a weaker-than-expected U.S. ADP jobs report that increased expectations for interest rate cuts, former President Donald Trump’s new trade agreement with Vietnam, and the launch of the REX-Osprey Solana + Staking ETF (SSK).

Supporting the momentum, funding rates for bitcoin and ether perpetuals rose from an annualized 5% to over 7%, indicating greater appetite for leveraged long positions. Meanwhile, funding rates for altcoins like DOGE and ADA exceeded 10%, signaling even more aggressive bullish sentiment.

The price surge also triggered a wave of liquidations across derivatives markets. According to Coinglass, over $300 million in positions were forcibly closed due to margin calls — most of them short bets against bitcoin’s rally. In total, 107,604 traders were liquidated in the past 24 hours, with the largest single liquidation order — valued at more than $2.32 million — occurring on Hyperliquid.