Analytics firm CryptoQuant has highlighted how the Bitcoin futures market saw a notable amount of inflows alongside the recent price surge.
Bitcoin Open Interest Shot Up Alongside Rally
In a new post on X, CryptoQuant has talked about the latest trend in the Bitcoin Open Interest. This indicator measures the total amount of futures market positions related to a given asset that are currently open on all centralized exchanges.
When the value of this metric rises, it means investors are opening fresh positions on the market. As the total leverage present in the sector tends to go up when new positions appear, the price can become more volatile.
On the other hand, the indicator observing a decline suggests traders are either getting forcibly liquidated or closing positions of their own volition. Either way, the associated leverage washout makes the market more stable.
Now, here is the chart shared by CryptoQuant that shows the trend in the 30-day change in the Bitcoin Open Interest since the start of the year:
The value of the metric appears to have been positive in recent weeks | Source: CryptoQuant on X
As displayed in the above graph, the Bitcoin Open Interest saw its monthly change plunge into the negative territory as the cryptocurrency’s price crashed at the start of February. This means that the volatile price action led to a large amount of liquidations.
The negative values persisted for the metric throughout the month, but in March, things stabilized a bit as the metric became slightly positive. The trend of improvement continued during April, with derivatives markets enjoying a notable amount of inflows.
In May, the 30-day change in the BTC Open Interest surged to an especially significant level. “Bitcoin’s rally toward $80K triggered the fastest growth in BTC perpetual futures open interest so far in 2026,” noted the analytics firm. BTC also observed a recovery run back in January, but interestingly, that rally couldn’t amass as much speculative interest.
From the chart, it’s also visible that Binance was the platform that received the largest amount of inflows. This isn’t particularly surprising, given the exchange’s position as the largest in the sector based on trading volume.
Below is a graph that showcases the trend in the Open Interest separately for each major exchange.
Binance has the largest Open Interest out of all platforms right now | Source: CryptoQuant on X
Predictably, Binance also tops the list in terms of the amount of Bitcoin Open Interest that it hosts. Behind the giant are platforms like Bybit, Gate.io, OKX, and HTX.
BTC Price
At the time of writing, Bitcoin is floating around $77,000, down more than 4% in the last seven days.
The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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