Leveraged Bitcoin (BTC) Longs are Back in Force, Trading Firm Says

Traders are showing renewed confidence in Bitcoin (BTC) as leveraged long positions gain momentum, according to QCP Capital. The trading firm reported a rise in BTC's perpetual open interest and funding rates, indicating strong bullish sentiment. Open interest in perpetual futures has increased from $42.8 billion to $43.6 billion, reflecting renewed capital inflows despite recent market volatility that caused significant liquidations. The funding rates on platforms like Deribit have surged to 13%, indicating that long position holders are willing to pay fees to maintain their bets. The firm noted a rise in Hyperliquid's long bias to 57%, up from 36% last week, highlighting growing investor conviction about BTC's price prospects during the historically bullish fourth quarter. Despite a drop in BTC prices last week, which led to over $700 million in liquidations, the cryptocurrency has since rebounded to around $114,000, suggesting confidence remains strong among traders.

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