Bitcoin Perpetual Futures Open Interest Rises to $43.6 Billion
Bitcoin traders are increasingly engaging in perpetual futures, despite recent volatility and liquidation of leveraged long positions.
QCP Capital noted a rise in open interest and funding rates for perpetuals on major exchanges, indicating a strong bias towards long positions.
Cumulative open interest in Bitcoin perpetuals increased from $42.8 billion to $43.6 billion, showing renewed capital inflows.
Annualized funding rates on platforms like Deribit have risen to 13%, suggesting confidence that prices will rise, especially during the historically bullish fourth quarter.
Investor conviction remains robust, evidenced by a recovery in Bitcoin's price to near $114,000 after a significant sell-off last week.
The sell-off led to over $700 million in liquidations, marking the largest single-day figure in at least six months.
