Open interest has risen to approximately 653,000 BTC ($56.2 billion) from 626,000 BTC on Sept. 30, according to CoinGlass data, an increase of 27,000 BTC ($2.3 billion), or roughly 4.3%. Open interest measures the total value of outstanding futures and perpetual contracts that have yet to be closed or settled. Rising open interest indicates that traders are adding exposure, although it does not reveal whether they are betting on prices rising or falling
Bitcoin has climbed from around $83,500 to $86,500 over the same period. A price increase coinciding with rising open interest suggests new positions are helping support the rally
Meanwhile, the perpetual funding rate has risen from around 3% to 10% in the same time frame. Funding is a periodic payment exchanged between traders holding long and short positions, designed to keep perpetual futures prices close to the spot price. When funding is positive, traders betting on higher prices pay those betting on lower prices
The increase suggests stronger demand for bullish exposure, with traders willing to pay more to maintain their positions ahead of the jobs report
However, open interest of approximately 625,000 BTC at the end of September was near its lowest level in 12 months. Although speculative activity has begun to recover, the recent increase comes from a low base. Higher funding points to a more bullish market, but it also raises the cost of holding long positions and can leave leveraged traders more vulnerable to a sudden price reversal
Crypto-linked equities are also moving higher in Friday’s premarket trading asa result. Strategy MSTR$154.29·Market Closed, the largest corporate holder of bitcoin, and Strive ASST$27.78·Market Closed are each up around 3%, while Coinbase COIN$179.41·Market Closed and Robinhood HOOD$109.04·Market Closed have gained approximately 2%
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years
