Beyond Binance and OKX, the top three most popular and lasting future pairs show a decent price rise (2% to 2.5% over the last 24 hours), along with a big jump in trading volume.
However, their open inrest (OI) numbers are somewhat divergent. Binance’s BTC/USDT permanent volume and OI are both rising, while most other pairs show flat OI despite the large volume spikes. This is usually read in the futures market as a sign of various positioning strategies between participants, and is consistent with the volatility of Bitcoin’s spot price.
Beyond Binance and OKX, the permanent listed reflects roughly the same profit in BTC prices. Similarly, data from encryption shows that spot markets are rising in the mid-range of 84K, confirming a short-term bullish push.
Many pairs, such as Binance BTC/USDT of around +52%, BTC/USDC +57%, and OKX BTC/USDC of +92%, have also seen a big surge in trading activity. This jump is often stacked to allow traders to catch upward momentum while existing positions are closing or rotating, creating an increased turnover rate. The loud volume alone doesn’t tell if a new activity is opening more locations or simply sprinting through existing locations. That’s where changes in OI are especially important.
At Binance, the BTC/USDT permanent show is up around 1.98% in addition to a significant volume jump. This usually suggests that in addition to higher sales, new long or short positions are being added. Given the rising prices, it is possible to add new shorts, but it is common to interpret this as new longs entering the market.
The rise in OI generally indicates that more total contracts are outstanding. Many other pairs have shown a decline in OI despite increased trading volumes, including –0.82% Binance BTC/USDC, –1.08% Binance BTC/USDC, –3.63% OKX BTC/USDT.
This often means a wave of short coverage or profits due to long, a closure of existing contracts, or a quick turnover of positions that end with fewer net contracts than before. If prices are rising and OI is decreasing simultaneously, it can be a sign that traders will reduce risk, often in line with squeezed traders or are profiting along the way.
If you summarise all these numbers together with Bitcoin spot prices, you can see that the overall market is bullish, with BTC rising by around 2% to 3%. However, inconsistent OI changes indicate that only some pairs, especially Binance BTC/USDT, are adding new positions in the net, while others have seen churn and position rewinding.
The sudden volume can be attributed to the pop-up and out of day traders and short-term momentum traders. If the OI declines, it means a gust of winds in liquidation, position closure, or shifting from one Stablecoin pair to another, especially when the trader rotates from BTC/USDC to a BTC/USDT pair.
These pairs indicating falling during price increases often indicate a short cover gathering or simply indicate that they have decided to close their positions vigorously. In both scenarios, some participants seem to benefit rather than establishing new long-term positions.
Coinglass data also shows that funding rates are positive but not extreme (e.g. 0.0035%, 0.0100%, 0.0022%, etc.). This generally indicates a mild bullish bias in perpetual rather than an overheated market.
Data implies bullish or short-term slopes as prices are rising in large numbers with just a modest new position construction in a given pair. It appears that traders in some markets have used upwards to exit positions rather than retaining larger trending moves.
This will make the market bullish for direction for now, but its lifespan is a concern as it could depend on fresher OI coming in or whether it will keep the rally moving forward if it continues to shun and take on profits.
A short-term optimism post as Bitcoin’s persistent volume surged in binance and OKX first appeared on Cryptoslate.
