Bitcoin derivatives activity has accelerated ahead of Friday’s U.S. jobs report, with traders building positions as BTC pushes above $86,000.
According to CoinGlass data, Bitcoin open interest has risen to around 653,000 BTC, worth approximately $56.2 billion, from 626,000 BTC on Sept. 30. The increase of 27,000 BTC amounts to about $2.3 billion, or 4.3%.
Open interest measures the value of futures and perpetual contracts that remain open in the market. An increase shows that traders are adding exposure, although the metric alone cannot determine whether the new positions are bullish or bearish.
Bitcoin has climbed from approximately $83,500 to $86,500 over the same period. The rise in both price and open interest suggests fresh positions are accompanying the upward move.
Perpetual futures funding rates have also strengthened, increasing from roughly 3% to 10%. Funding payments are periodically exchanged between long and short traders to keep perpetual contracts trading close to the spot price. With positive funding, long-position holders pay traders holding shorts.
The higher funding rate points to increased demand for bullish Bitcoin exposure, as traders are accepting greater costs to maintain long positions before the employment report.
Still, the rise in open interest needs to be viewed against its recent lows. The metric was near 625,000 BTC at the end of September, close to its lowest point in 12 months. This means the latest recovery in speculative positioning is coming from a relatively low starting point.
While stronger funding can signal a more bullish market, it also raises the expense of leveraged long trades and increases the risk of forced liquidations if Bitcoin experiences a sharp pullback.
Bitcoin-related equities also moved higher in Friday’s premarket trading. Strategy and Strive gained around 3% each, while Coinbase and Robinhood rose approximately 2%.
