CryptoQuant: Binance Leads Open Interest During Bitcoin's March Rally

On March 16, Bitcoin and Ethereum perpetual futures open interest reached about $30 billion, marking the highest level since January. Binance led the charge, with Bitcoin’s open interest rising by $829 million and Ethereum’s by $1.6 billion, as reported by CryptoQuant analysts.

This surge in open interest aligns with a notable price rally in mid-March, resulting in the highest trading activity in the perpetual futures market since January 31. As prices climbed, many traders opened long positions, helping Ethereum to surpass the $2300 threshold and further intensifying derivatives trading.

The rise on Binance stood out significantly; the exchange accounted for $829 million in Bitcoin OI, while Bybit and Gate saw increases of $377 million and $255 million, respectively. For Ethereum, Binance’s $1.6 billion was substantially ahead of Bybit’s $855 million and Gate's $629 million.

"The heatmap data indicates that Binance leads in open interest growth, with Gate and Bybit following. This trend underscores how major platforms attract substantial capital during significant price fluctuations," noted the report.

As prices increase, traders are gravitating towards larger exchanges, which serve as key venues for capital deployment and leverage in the perpetual futures arena. Additionally, JPMorgan has identified Bitcoin as a major safe-haven asset amidst geopolitical tensions, particularly as crypto activity surged in Iran with a shift from local exchanges to non-custodial wallets and international platforms.