Bitcoin futures open interest jumps 10% as price rally ignites trading frenzy on small exchanges

Binance, the largest exchange by OI, experiences moderate growth, showing that most of the activity was concentrated on mid-sized exchanges.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Within the bustling world of cryptocurrency futures, a recent spike in Bitcoin futures open interest (OI) clocked in at $57.56 billion, marking a significant 10.97% increase in just one day. This surge mirrored Bitcoin's price jump from $83,804 to $87,674. BingX led the charge with an astonishing 121.15% leap in OI, although Gate.io and Bitunix also made notable strides. But amidst this flurry of activity, why did BingX and other exchanges see such extraordinary growth? The answer might surprise you...