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

As bitcoin (BTC) and ether's (ETH) 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.