Bitcoin Open Interest Rises $2.3 Billion as Traders Pay More for Long Positions

Bitcoin derivatives activity is picking up before Friday’s US jobs report, with traders adding positions as the price moves above $86,000. Open interest has grown to about 653,000 BTC, or $56.2 billion, from 626,000 BTC on Sept. 30. That is a gain of 27,000 BTC, or $2.3 billion, roughly 4.3%. Over the same stretch, Bitcoin rose from around $83,500 to $86,500, which suggests fresh positions are helping support the rally.

Bitcoin Funding Rate Jumps From 3% to 10%

The perpetual funding rate climbed from about 3% to 10% in the same period. Positive funding means traders betting on higher prices pay those betting on lower prices, so the jump points to stronger demand for bullish exposure.

Risks Behind the Bitcoin Derivatives Rally

Open interest of around 625,000 BTC at the end of September was close to its lowest level in 12 months, so the rebound starts from a low base. Higher funding also makes long positions costlier to hold and leaves leveraged traders more exposed to a sharp reversal.

Crypto Stocks Rise in Premarket Trading

Crypt linked equities moved higher in Friday’s premarket. Strategy, the largest corporate bitcoin holder, and Strive gained about 3%, while Coinbase and Robinhood rose roughly 2%.