Key highlights

  • Bitcoin futures open interest on Binance and Bybit rose 3.2% from $28.4B to $29.3B during Monday’s rally.

  • $128M in short liquidations clustered around $65,000.

  • U.S. spot BTC ETF net flows were flat on Mar. 2.

Bitcoin futures open interest on Binance and Bybit climbed 3.2% on Monday, March 2, from $28.4B to $29.3B as BTC rose from $62,100 to $65,400. The move coincided with $128M in short liquidations concentrated around the $65,000 level. 

Spot Lags Behind Futures

Aggregate spot BTC volume across tracked exchanges was broadly steady at $28.5B on Monday, up from a daily average of $27.9B. U.S. spot bitcoin ETFs recorded zero net flows on March 2. Futures basis widened to an annualized 4.2% during the move.

Liquidation Clusters Ahead

Liquidation maps flagged roughly $210M in shorts above $70,000 that could add volatility if BTC pushes higher. A break into that zone may trigger additional forced covering.

Analyst Take

“Classic squeeze dynamics,” wrote Delphi Digital’s David Puell: “OI expansion plus short liquidations equals momentum, but spot demand lagging leaves it technical.” Glassnode data shows daily BTC exchange inflows below 20,000 BTC, well below levels seen during prior bull-market periods.