BTC traders are once again diving into perpetual futures with confidence, despite recent market turbulence that led to a major liquidation of leveraged long positions.
On Monday, QCP Capital, based in Singapore, noted an uptick in open interest for perpetual contracts (futures without a set expiration date) and rising funding rates on both centralized and decentralized exchanges. This trend indicates a strong preference for long positions.
“There’s renewed optimism within the highly leveraged perpetual market. Instead of pulling back after last week’s liquidations, those holding leveraged longs are returning aggressively,” stated the firm’s market insights team in their Monday report.
The team pointed out that total open interest in BTC perpetuals globally has climbed from $42.8 billion to $43.6 billion—a modest increase but one that signifies fresh capital inflows.
Additionally, annualized funding rates on top platforms like Deribit have surged to 13%. Positive rates suggest that long position holders are willing to pay fees to short sellers to maintain their trades.
“Hyperliquid’s inclination towards long positions is also rising back up to 57%, compared with just 36% last week,” they added.
This willingness among investors to accept double-digit funding costs reflects growing confidence that prices will continue their upward trajectory during the traditionally bullish fourth quarter period.
The data further indicate that last week’s volatility did not significantly dent investor trust. BTC’s price fell over the first four days of last week, hitting its lowest point below $109,000 on Thursday.
This downturn resulted in more than $700 million worth of liquidated leveraged longs—the highest single-day amount recorded over at least six months according to Coinglass data analysis.
Since then, Bitcoin’s value has rebounded and is now trading close around $114,000 mark