BNB Price Set for a Rally as Binance Open Interest Soars to All-Time High

Binance cryptocurrency exchange reached a new all-time high in open interest, surpassing $8.3 billion in crypto derivatives. This surge in activity coincides with a sharp increase in Bitcoin prices.

Binance cryptocurrency exchange reached a new all-time high in open interest, surpassing $8.3 billion in crypto derivatives. This surge in activity coincides with a sharp increase in Bitcoin prices, which recently hit a historic high following Donald Trump win in the U.S. presidential election.

Blockchain analyst Burak Kesmeci noted that Binance now accounts for 35% of the global open interest on crypto futures, further establishing the exchange’s dominance in the market.

BNB Price Set for a Rally as Binance Open Interest Soars to All-Time High

According to on-chain data from CryptoQuant, Binance’s open interest in crypto derivatives surged to an unprecedented $8.3 billion, marking a 10.24% increase in just 24 hours. This record-breaking figure underscores the heightened trading interest on Binance, which now holds a substantial portion of global open interest in crypto futures.

Kesmeci remarked that any increase over 3% in a day signals significant shifts in trading patterns, hinting at volatility spikes in the coming days.

Additionally, the increase in open interest aligns with Binance’s ongoing growth, as it now captures 35% of the open interest on crypto futures worldwide. This volume emphasizes Binance’s critical role in influencing broader market trends.

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