Bitcoin Open Interest just hit one of the highest levels on record

Bitcoin (BTC) Open Interest (OI) – a measure of the amount of money invested in its derivatives at any given time – has surged to the highest level in 109 days on May 5. The Bitcoin OI has spiked by more than $10 billion over the past five days, reaching $64.7 billion at press time, according to CoinGlass data analyzed by Finbold. Notably, the BTC’s derivatives market has gradually recovered since hitting its 2026 low of approximately $43.04 billion on March 2. Over the past 24 hours, Bitcoin OI surged by nearly 11% from $60.98 billion. As of press time, Binance controlled the lion’s share of BTC’s OI at about $11.89 billion, up 13.48% in 24 hours. MEXC exchange recorded the largest daily uptick, at roughly 21%, reaching around $6.95 billion at the time of publication. Following the notable rise in Bitcoin OI, the BTC price rose 2.46% over the past 24 hours, reaching $81,550 at the time of publication. As such, the flagship coin’s market capitalization climbed to $1.6 trillion. However, the majority of Bitcoin traders are betting on a near-term reversal. For instance, its Funding Rate – a fee set to balance perpetual contract price to underlying asset price – dropped to the lowest level since April 23, based on updates from CoinGlass. With rising BTC OI, a sharp uptick in negative funding rates suggests more derivative traders have shifted to bearish positions. Meanwhile, the recent Bitcoin price uptick, potentially fueled by a short squeeze as Finbold explained, has seen more spot traders accelerate profit-taking. After BTC price surged above $80,000, holders realized their highest daily profit since December 10, 2025, as per data from CryptoQuant.