Bybit reports $11B open interest as BTC hits $111k all-time high in May

Bybit, the world's second-largest cryptocurrency exchange by trading volume, reported a new monthly high in perpetual open interest exceeding $11 billion in May, coinciding with Bitcoin's surge to an all-time high of $111,000. This milestone reflects a robust bullish sentiment in the crypto market, supported by a record trading volume of $26 billion for the month.

Digital asset inflows reached $3.3 billion last week alone, pushing the year-to-date total to $10.8 billion, signaling growing institutional and retail interest. Spot Bitcoin ETFs contributed significantly with a net inflow of approximately $2.75 billion, marking the third-highest weekly inflow in history.

Bitcoin led the altcoins with $2.9 billion in inflows, underscoring its dominant position amid a market-wide risk-on sentiment. Meanwhile, Ethereum's rapid growth moderated, ending its two-week outperformance streak despite a strong 69% monthly return.

"Perpetual open interest across the board on Bybit has been on a steady rise," the report noted, highlighting the market's confidence as BTC's price momentum accelerated.

This surge in open interest and inflows reflects a renewed optimism in crypto assets, driven by both institutional adoption and retail enthusiasm, as Bitcoin's price action continues to set new benchmarks.

The data underscores a pivotal moment for the crypto market, with Bybit's metrics serving as a barometer for broader market trends and investor sentiment.

Bybit reported a record $11 billion in perpetual open interest as Bitcoin surged to a $111,000 all-time high in May, supported by $3.3 billion in digital asset inflows and strong institutional interest, marking a bullish market sentiment amid rising trading volumes and notable ETF inflows.