Bitcoin’s (BTC) open interest on derivatives exchanges experienced a sudden surge of $1 billion on Sept. 18, prompting investors to question whether whales were accumulating in anticipation of the unsealing of Binance’s court filings.
However, a closer look at derivatives metrics suggests a more nuanced picture, as the funding rate did not exhibit clear signs of excessive buying demand.
The decision to unseal these documents was granted to the United States Securities and Exchange Commission, which had accused Binance of non-cooperation despite previously agreeing to a consent order related to unregistered securities operations and other allegations.
The open interest spiked to $12.1 billion, while Bitcoin’s price concurrently increased by 3.4%, reaching its highest point in over two weeks at $27,430.
However, investors soon realized that, aside from a comment by the Binance.US auditor regarding the challenges of ensuring full collateralization, there was little concrete information revealed in the…