Bitcoin Perpetual Contract Open Interest Hits All-Time High, Funding Rate Indicates Intense Market Long vs Short Battle

On May 21st, based on Coinglass data, the total open interest of Bitcoin contracts across the network has hit a record high of $74.557 billion. This data is a bit higher than the previous two instances when Bitcoin reached a phase top (on December 18, 2024, it was $71.852 billion, and on January 22nd of this year, it was $69.568 billion). It is worthy of note that the current mainstream CEX and DEX Bitcoin contract trading pairs' funding rates present a relatively neutral market, with the rates of some platforms slightly inclined towards a bearish sentiment. Platforms such as Binance (0.0084%), OKX (0.01%), and Bitget (0.01%) have neutral funding rates. Platforms like Bybit (-0.0064%) and BingX (-0.0064%) have rates that slightly favor a bearish sentiment. According to Bitcoin exchange platform liquidation map data, if Bitcoin breaks through $109,028, the cumulative short liquidation strength will reach $2.181 billion; if Bitcoin drops to $104,921, the cumulative long liquidation strength will also reach $2.206 billion. In the past 24 hours, the total liquidation across the network was $250 million, with long liquidations at $115 million and short liquidations at $134 million.