Open interest in bitcoin perpetual futures surged nearly 10%, reaching $26.91 billion, the highest increase since March 2. This spike coincided with Bitcoin's price rise of over 3.5%, bringing it close to the $110,000 mark. Factors influencing this rally included a weak U.S. ADP jobs report, calls for federal rate cuts, and the launch of a new ETF. The uptick in open interest, which indicates the number of active contracts, alongside the price increase is viewed as a confirmation of the current uptrend. The rapid change in Bitcoin's price also resulted in $300 million worth of liquidations, predominantly from bearish short positions, affecting over 107,000 traders. Perpetual funding rates for Bitcoin and Ethereum increased from 5% to over 7%, suggesting renewed demand for leveraged bullish positions. Overall, the market conditions indicate significant bullish momentum for Bitcoin, raising expectations for a volatile market in July.

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