Short-term optimism as Bitcoin perpetual volumes soar on Binance and OKX

Traders swarm to perpetual futures for quick gains as open interest shows mixed signals.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Crypto traders are witnessing an intriguing scenario unfold across Binance and OKX. While the top perpetual futures pairs are basking in a respectable 2% to 2.5% price uptick, their open interest (OI) figures reveal a different story. Binance's BTC/USDT perpetual pair stands out, showcasing a rise in both volume and OI, often indicating new market entries. But here’s the twist: most other pairs are losing traction in OI despite surging volumes. What's driving this divergence, and could it potentially reshape the playing field? Discover the strategic moves traders are making amid this bullish wave...