$BTC Open Interest Nears $600 Million as $1 Million in Short Positions Are Liquidated

PEPE momentum is accelerating as derivatives data matches rising optimism. Open interest (OI) in PEPE futures is approaching the $600 million mark, reflecting a massive surge in leveraged trading activity, according to Coinglass.

Adding a bullish perspective to the rising OI, the liquidation of over $1 million in short positions in four hours signals a forced unwinding of bearish bets. With traders betting against PEPE caught off guard, the chances of a new breakout rally have increased.

In this environment, the whale is now holding a 3x leveraged long position on Pepe, according to HypurrScan. The company deposited $2.29 million USDC into Hyperliquid. The whale’s story is well-known in the industry for its $5 million USDC bet on HYPE with a floating profit of $2.99 million