Bitcoin Open Interest Climbs to 653,000 BTC Ahead of US Jobs Report
- —Open interest rose by 27,000 BTC, or 4.3%, between September 30 and October 2
- —Rising funding rates mean long perpetual holders are paying shorts to keep positions open
- —Further upside depends on spot demand, not just the size of derivatives exposure
- —A drop in open interest could reflect either an orderly reset or forced liquidations
Why it matters: If spot demand fails to validate the rebuilt leverage, forced liquidations could trigger a sharp reversal; sustained buying would confirm the rally has room to run.
Source: Bitcoin Insider