Leveraged Bitcoin Longs Make a Comeback Amid Rising Perpetual Futures Interest
After last week’s volatile swings and massive liquidations, Bitcoin traders are returning to leveraged long positions, signaling renewed market optimism.
Singapore-based QCP Capital reported Monday that BTC perpetual futures—contracts with no expiration—are seeing rising open interest and funding rates across major centralized and decentralized exchanges. The trend points to a renewed bullish bias.
“Optimism is returning to the highly leveraged perpetual space. Rather than retreating after last week’s liquidations, leveraged longs are back in force,” QCP said.
Global BTC perpetual open interest has increased from $42.8 billion to $43.6 billion, while annualized funding rates on platforms like Deribit have jumped to 13%. On Hyperliquid, the long bias rose to 57% from 36% the previous week, reflecting stronger conviction in rising prices.
Last week, BTC briefly fell below $109,000, causing over $700 million in leveraged long liquidations—the largest single-day total in six months. The cryptocurrency has since rebounded to around $114,000.
QCP noted that traders’ willingness to pay double-digit funding rates demonstrates confidence that Bitcoin could continue its upward momentum during the traditionally bullish fourth quarter.
