Leveraged BTC Longs Make a Comeback, Analysts Note

Bitcoin Leveraged Longs Surge as Perpetual Futures Open Interest Rebounds

After last week’s volatility and liquidations, Bitcoin traders are returning to leveraged long positions, signaling renewed market confidence.

Singapore-based QCP Capital reported Monday that open interest in BTC perpetual futures—contracts with no expiry—has risen alongside funding rates across major centralized and decentralized exchanges. This reflects a strong bias toward long positions despite recent price swings.

“Optimism is re-emerging in the highly leveraged perpetual space. Rather than retreating after last week’s liquidations, leveraged longs are back in force,” the firm said.

Cumulative open interest in BTC perpetuals globally has climbed from $42.8 billion to $43.6 billion. Funding rates on platforms like Deribit have jumped to 13%, indicating traders’ willingness to pay shorts to maintain their positions. On Hyperliquid, the long bias has risen to 57%, up from 36% last week.

Last week’s volatility saw BTC dip below $109,000, triggering over $700 million in liquidations of leveraged longs—the largest single-day figure in six months. Bitcoin has since rebounded to near $114,000.

QCP highlighted that traders’ readiness to pay double-digit funding rates underscores confidence that BTC could continue rising during the historically bullish fourth quarter.