Bitcoin Leveraged Longs Surge Again as Perpetual Futures Gain Momentum
After last week’s market turbulence and mass liquidations, traders are returning to leveraged long positions on Bitcoin, signaling renewed bullish sentiment.
QCP Capital, a Singapore-based trading firm, reported that BTC perpetual futures—contracts with no expiration—are seeing rising open interest and higher funding rates across major exchanges, both centralized and decentralized. This trend points to a growing preference for long positions despite recent volatility.
“Optimism is re-emerging in the leveraged perpetual space. Last week’s liquidations did not deter traders—longs are back with conviction,” the firm said.
Global open interest in BTC perpetuals climbed from $42.8 billion to $43.6 billion. On top exchanges like Deribit, annualized funding rates jumped to 13%, indicating long holders are willing to pay premiums to maintain their positions. Hyperliquid’s long bias also rebounded to 57%, up from 36% last week.
The recent BTC dip below $109,000 led to over $700 million in liquidations—the highest single-day total in six months—but Bitcoin has since recovered to trade around $114,000.
QCP noted that the willingness to sustain double-digit funding rates reflects traders’ confidence in a potential rally, especially heading into the historically bullish fourth quarter.
