Bitcoin open interest rises by $2.3 billion as funding rates climb to 10%
CIE News ·
Bitcoin open interest expanded by $2.3 billion since September 30, according to CoinDesk, while funding rates jumped to 10% as traders take on leveraged long exposure.
Bitcoin (BTC) derivatives open interest grew by approximately 27,000 BTC, worth $2.3 billion, following an increase in market positioning since September 30, according to CoinDesk. CoinGlass data cited in the report shows total open interest climbed from 626,000 BTC to roughly 653,000 BTC, valued at $56.2 billion. Over the same timeframe, the spot price of Bitcoin rose from around $83,500 to $86,500.
Perpetual funding rates simultaneously escalated from roughly 3% to 10%, indicating that traders are paying higher premiums to maintain bullish long positions. CoinDesk noted that while the simultaneous price climb and open interest growth signal new capital entering the market, open interest had recently touched a 12-month low at the end of September. The increased leverage also raises vulnerability to sharp market reversals.