Open interest in Bitcoin’s permanent futures spiked the most in four months on Wednesday as major cryptocurrencies approached $110,000.
Open profits to permanent futures listed on offshore exchanges have risen nearly 10%, the highest day since March 2nd, according to Data Source Velo. The data tracking website included permanent activities dominated by USD and USDT listed on Binance, Bybit, OKX, Deribit, and Hyperliquid.
Open profit refers to the number of active or open contracts that are often expressed in terms of value controlled by cumulative dollars.
It is said that increasing prices and an increase in open profits will confirm uptrends. The price of BTC has been raised to $109,600, over 3.5% due to a number of factors, including the disappointing US ADP Jobs Report.
Furthermore, the persistent funding rates for BTC and ETH increased slightly from 5% to over 7% per year, renewing demand for leveraged bullish plays. Doge and Ada’s funding rates exceeded the 10% mark.
The BTC price rally also led to a total of $300 million liquidation or forced closure of leveraged futures play due to a lack of margin. Most of the forced closures were bearish short positions, according to data source Coinglass.
A total of 107,604 traders have been liquidated in the last 24 hours, with the largest single order worth more than $2.32 million and happening with high lipids.
