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 dataanalyzed by Finbold. Notably, the $BTC’s derivatives market has gradually recovered since hitting its 2026 low of approximately $43.04 billion on March 2.

Bitcoin OI on all exchanges. Source: CoinGlass

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.

What’s next for Bitcoin price amid renewed interest via OI

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.

$BTC/USD 24-hour chart. Source: Finbold

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.

$BTC OI-weighted funding rate. Source: CoinGlass

With rising $BTC OI, a sharp uptick in negative funding rates suggests more derivative traders have shifted to bearish positions.

Bitcoin daily net realized profit and loss. Source: CryptoQuant

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.