[Test] Bitcoin Perp Futures Open Interest on Offshore Platforms Surges The Most Since Trump's Crypto Reserve Disclosure

As BTC$102,297.79 and ether's ETH$3,439.38 recovery rally gathered momentum Tuesday, the perpetual futures market saw an even more pronounced increase in open interest, pointing to growing investor confidence.

• BTC, the leading cryptocurrency by market value, rose 6.79% (UTC), nearly topping $94,000 for the first time since March, CoinDesk data show. That's the most significant single-day percentage gain since April 9. Ethereum's ether token jumped 11.2% to $1,1175, it's best performance since April 2.
• The rally came as U.S. Treasury Secretary Scott Bessent discussed de-escalation in the U.S.-China trade tensions, followed by President Donald Trump saying tariffs on Chinese goods will drop substantially from the present 245%. Trump further said he does not intend to fire Federal Reserve chairman Jerome Powell.
• The price surge was characterized by traders deploying money for perpetual futures trading on major offshore exchanges – Binance, Bybit, OKX and Deribit and leading onchain perpetual-focused decentralized exchange Hyperliquid – as evidenced by bigger increases in open interest.

The cumulative notional open interest, or the dollar value of the number of active bets in BTC perpetual futures, rose by 10.2% to $17.83 billion, according to data source Velo. That's the biggest single-day increase since March 2, when Trump mentioned XRP, ADA and SOL as potential candidates for a strategic digital assets reserve with bitcoin and ether as the core. The Trump administration later said it would maintain the BTC seized in enforcement actions as a reserve.

"Bitcoin's Open Interest surged faster than its Price, with most positions originating from Binance. The issue is that a large portion consists of Longs, so increased volatility is expected in the coming hours,' Joao Wedson, CEO of Alphractal Research, said on X.