According to CryptoQuant, total Bitcoin open interest(OI) hit $29B on May 5 โ the
highest since January 29 โ as Bitcoin rallied toward $80K and traders piled into longs at the fastest pace of 2026. Binance led all exchanges, commanding $9.03B in OI โ73% more than the second-largest exchange.
Capital concentration on Binance signals trader preference for execution, supported by tighter spreads, lower slippage, and
better fills.
@Binance had the fastest OI growth among exchanges this year with $2.55B of the overall $6.98B increase in Bitcoin perpetual futures open interest, accounting for almost one-third of total growth
Competitors that came in second and third followed with $1.7B and $1.1B, respectively
Exchange liquidity conditions improved alongside the rally with exchange USDT
reserves growing from $49.9B in March to $53.1B today. Binance accounts for $39.3B
of that, up 12% since March 11. Now, Binance represents 66% of USDT holdings
amongst CEXes with a total of $41B. This level of liquidity allows traders to place larger orders without materially moving the market, reinforcing Binanceโs role as the largest venue, giving users confidence in the platformโs depth and execution efficiency
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