Bitcoin Eyes $110,000 as Futures Open Interest Rises Close to 10%

Bitcoin Futures Open Interest Climbs Nearly 10% as Price Pushes Toward $110K

Bitcoin is showing renewed strength as futures market activity surges, reinforcing the current rally and bringing the leading cryptocurrency closer to the $110,000 milestone.

Data from Velo indicates that bitcoin perpetual futures open interest increased by close to 10% on Wednesday, reaching $26.91 billion. This marks the steepest single-day rise since March 2 and reflects robust participation across major offshore exchanges like Binance, Bybit, OKX, Deribit, and Hyperliquid.

Open interest, which represents the total value of outstanding futures contracts, is often seen as a key market indicator. When it grows alongside rising prices, it typically signals strong bullish conviction.

Bitcoin’s price rose more than 3.5% on the day to hit $109,600. Analysts link the rally to several supportive developments, including a weaker-than-expected U.S. ADP employment report—boosting hopes for Federal Reserve rate cuts—alongside former President Donald Trump’s trade agreement with Vietnam and the introduction of the REX-Osprey Solana + Staking ETF (SSK).

At the same time, funding rates for perpetual futures in both bitcoin and ether climbed from an annualized 5% to over 7%, highlighting growing demand for leveraged long positions. Altcoins like DOGE and ADA saw even steeper funding rates, topping 10%, reflecting heightened speculative interest.

The bullish price action led to a wave of forced liquidations across the derivatives market. According to Coinglass, over $300 million in positions were liquidated within 24 hours, largely from short sellers. In total, 107,604 traders were affected, with the single largest liquidation valued at $2.32 million on Hyperliquid.