On May 5, Bitcoin (BTC) open interest, a measure of the amount of funds invested in its derivatives at any given time, reached its highest level in 109 days.
On According to CoinGlass, analyzed Happy Coin NewsOver the past five days, Bitcoin’s open interest has grown by more than $10 billion, reaching $64,7 billion at press time. Notably, the BTC derivatives market is gradually recovering after hitting its 2026 low of approximately $43,04 billion on March 2.
Bitcoin open interest across all exchanges. Source: CoinGlass
Over the past 24 hours, Bitcoin’s open interest has grown by nearly 11% to $60,98 billion. Currently, Binance controls the lion’s share of BTC open interest, amounting to approximately $11,89 billion. MEXC exchange recorded the largest daily increase of approximately 21%, reaching approximately $6,95 billion at the time of publication.
Following a significant increase in Bitcoin open interest, the price of BTC has risen by 2,46% over the past 24 hours, reaching $81,550 at press time. This brings the market capitalization of the flagship cryptocurrency to $1,6 trillion.
However, most Bitcoin traders are betting on a quick reversal. For example, According to CoinGlass’ Funding Rate, the fee designed to balance the price of a perpetual contract with the price of the underlying asset, fell to its lowest level since April 23.
Open Interest-Weighted Funding Rate in BTC. Source: CoinGlass
Rising open interest in BTC and a sharp increase in negative funding rates suggest that more derivatives traders have taken a bearish stance.
The recent rise in the price of Bitcoin may have been caused by a “short squeeze,” as Wrote redaction Happy Coin News, has led to more spot traders accelerating profit-taking. After the BTC price surpassed $80,000, holders saw their highest daily profit since December 10, 2025 (data CryptoQuant).
Bitcoin Daily Net Profit and Loss. Source: CryptoQuant
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