Bitcoin has been experiencing extreme volatility recently, and on March 24, 2025, it underwent a 10.97% spike to an all-time high of $57.56 billion. This spike came on the back of Bitcoin futures itself appreciating from $83,804 to $87,674, which in itself is a $3,000 increase.
Mid-tier exchanges like BingX saw the biggest jump, as their OI saw a 121.15% increase during this time. The level of interest surrounding these lesser-known exchanges shows that mid and lower-tiered exchanges are becoming more popular in Bitcoin futures trading.
Bitcoin Futures Surge: Small Exchanges Lead the Charge
BingX as a whole saw a 121.15% increase in their open interest as they have been leading the charge for lower-tiered exchanges. The increase in activity surrounding futures has created a spike in trading activity on other mid tier exchanges too. With lower and mid tiered exchanges seeing an influx of traders, it is determined that traders expect a price increase in the near future.
BingX took the lead with the highest increase in Open Interest (OI) by a whopping 121.15%, which reached 9.02K BTC (nearly $790 million). Other exchanges like Gate.io and Bitunix also experienced substantial increases in their OI. Gate.io bit’s OI increased by 26.25% to 85.88K BTC (around $7.53 billion) and Bitunix’s OI surged by 17.66% to 51.85K BTC ($4.55 billion).
These figures reveal that most of the market activity has shifted to smaller exchanges, which indicates that traders are willing to make profits off the rising prices, particularly in futures contracts.
A senior analyst at CryptoSlate, Andjela Radmilac, said, “The increase in open interest reflects higher levels of confidence in the market as traders get ready to buy further driving prices up.”
Binance’s Smooth Growth – What’s the New Scope of Control?
Despite Binance being the biggest exchange with open interest, seeing on spot market moderate growth of 9.86 % its OI still growing to the impressive $9.69 billion. This was excellent, yet below the 10.97% average. Binance’s share of total OI stands at 16.83%, that’s still why the exchange controls the futures market.
The growth of Gate.io and Bitunix suggests there is an ongoing change in the market. The exchanges are gaining popularity with increasing users and liquidity, which may allow them to rival Binance’s market share in the following months.
As Radmilac put it, “Open interest on mid-tier exchanges such as Gate.io is suggestive of traders using multiple platforms, possibly due to more attractive offers, better fees, or promotions these exchanges provide.”
Why do small exchanges portray bigger gains?
There are many reasons that have contributed to smaller exchanges, such as BingX experiencing outsized growth. For starters, these exchanges usually have lower levels of open interest, meaning that any growth, even small, will generate higher percentage increases. Also, most smaller exchanges have lower fees and promotional offers that make the costs of trading more appealing to new traders.
Moreover, these smaller platforms have certainly saw greater OI due to leverage and margin trading. Open interest increases significantly as traders take higher leveraged positions, which in turn results in larger increases on exchanges that are more active in futures trading.
Traders from smaller exchanges are now eager to profit from the upward trend, which has led to Bitcoin’s price rally, driving up demand for long positions. This has caused smaller exchanges to dramatically increase their open interest.
Speculation And Market Sentiment Risks
Traders showing bullish sentiment exhibit a 10.97 percent increase in open interest while Bitcoin’s price rallying by 4.62 percent. The increase in closed positions demonstrates that traders are becoming more confident about Bitcoin’s price movement indicating a further increase. Although, the sharp increase in open interest, especially from smaller exchanges, increases the chance of speculative risks.
Open interest increasing may suggest overall bullish sentiment; however, it also encourages volatility. The price suddenly retracting puts forced liquidations into play that cause further prices to drop, especially when leverage is involved, which, when positions are liquidated, leads to sudden changes in prices.
Radmilac made a cautionary analysis in which he stated, “The expansion of open interest, especially when it comes alongside high leverage, poses a great risk of severe market movements and liquidations. As the market progresses, traders have to be wary of more volatility.”
Conclusion: A Surge with Risks and Rewards
The surge of open interest in Bitcoin futures is indeed a signal of rising market activity in addition to increasing optimism among traders. Relatively small exchanges such as BingX, which have slower trading volumes, tend to have higher percentage growth, which hints at their change in marketing activity.
Nonetheless, the rapid increase in open interest, especially in the case of smaller exchanges, tends to increase the possibility of extreme changes in market price levels, thus, market corrections of some type become more likely.
As Bitcoin price goes higher, traders need to keep an eye on important parameters like open interest and leverage ratios since they reflect market activity. While the present sentiment is positive, the likelihood of heightened speculation is not too reassuring. Keep following Turkishnyradio and keep an eye on Bitcoin futures trading.
Frequently Asked Questions
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What caused the recent surge in Bitcoin futures open interest?
The open interest surge was due to growing speculation of the market and an increase of 4.62% in Bitcoin’s price.
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Which exchanges saw the most pronounced growth with respect to open interest?
BingX, with an open interest growth of 121.15%, topped the list. Gate.io and Bitunix came next with their own remarkable increases.
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In what way does leverage impact open interest in Bitcoin futures?
With leverage, open interest increases as traders are able open bigger positions using debt financing. This results in increased volatility of open interest as well as an increase in market volatility.
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Does the spike in open interest portray bullish market sentiment?
Open interest, in this case, is indicative of a bullish market sentiment. Thus, as prices increase, traders are likely to take further bullish positions in anticipation of the price increase.
Glossary of Key Terms
Open interest (OI): The number of open contracts for a specific futures market.
Leverage: The capital used to increase potential returns (or losses) available for trading.
Liquidation: The closing of a trader’s position without their consent because of too little margin.
References
- “Bitcoin Futures Open Interest Jumps 10% as Price Rally Ignites Trading Frenzy,” CoinGlass.
- “Bitcoin Price Rally Sparks Surge in Futures Open Interest,” CryptoSlate.
