The bitcoin (BTC) price has jumped 2% to $87,800 since midnight UTC. This notable increase has not only caught the attention of investors but has also been accompanied by an uptick in future open interest on Binance, indicating a buoyant market mood that suggests sustainable gains.
According to data tracked by Coinglass and Velo Data, the open interest in BTC-USDT futures listed on Binance has increased by approximately 7,000 BTC, translating to around $614.6 million, since the early Asian trading hours. Open interest, which refers to the number of active or open contracts at any given time, serves as a crucial indicator of market activity and investor sentiment.
Additionally, the funding rates on Binance remain positive, further suggesting a bias towards leveraged bullish (long) positions. Such market dynamics can often precede significant price movements.
As noted by Coinglass, “This is a good sign, volatility is coming,” highlighting that the notable increase in open interest could trigger further fluctuations in the market.
