NEAR futures open interest hits $1.92 billion record
Open interest in NEAR futures reached a record $1.92 billion on October 12 as the token gained from a rotation into AI-linked cryptocurrencies. The figure reflects heavy speculative activity rather than $1.92 billion in fresh capital, and it later fell to $1.56 billion. NEAR’s price rose from about $1.60 in August to nearly $6 at the peak, a gain of more than 260%.
NEAR futures open interest ranged from $300 million to $450 million in July and August, then climbed past $1 billion in mid-September before hitting $1.92 billion on October 12. It later dropped to $1.56 billion. Open interest measures unsettled contracts' notional value, not margin deposits or spot purchases.
The record arrived amid a weak crypto week: Bitcoin fell 3.2%, Ether 7%, and only 11 of 66 major altcoins rose, with a median 3.7% decline. US bitcoin ETFs saw roughly $679 million in net outflows, Ether funds lost $542 million, and $1.19 billion in positions were liquidated in 24 hours. Wintermute cited an AI-linked rotation, while calling post-quantum signatures and a short squeeze unconfirmed.
The surge may draw more attention to AI-linked crypto projects, potentially influencing how retail traders and smaller funds allocate risk. Because futures open interest can reflect leverage rather than fresh capital, rapid swings could expose speculators to liquidation cascades, affecting confidence in related tokens. Broader society may feel this mainly through crypto market volatility, media narratives around AI, and the financial stress of individuals using high-risk products. It could also encourage exchanges and data providers to emphasize clearer warnings about leverage and speculative positioning.