Bitcoin futures open interest jumps by $1B: Manipulation or hedge?

Bitcoin’s (BTC) open interest on derivatives exchanges experienced a sudden surge of $1 billion on Sep. 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 U.S. Securities and Exchange Commission (SEC),…