Dealers again place bold bets on eternal futures, unbound with the recent volatility that triggered a significantly slack of geared long positions.
Singapore-based QCP capital reported on Monday that open interest in eternal (futures without expiry) increases along with financing rates across larger centralized and decentralized exchanges, signaling a strong bias against long positions.
“Optimism reappears in the very geared eternal space. Instead of withdrawing after last week’s liquidation, geared Longs are back into force,” the company’s market insight team said in a Monday update.
The team emphasized that the cumulative open interest in BTC gains around the world has risen from $ 42.8 billion to $ 43.6 billion. While modest, this increase reflects renewed capital inflow.
Meanwhile, the annual financing rates on leading platforms such as deribit have sprung to 13%. Positive rates indicate that holders of long positions are willing to pay a fee to shorts to keep their positions open.
“Hyperliquid’s long bias also climbs back to 57%, up from only 36% last week,” the team added.
Investors’ willingness to pay double -digit financing rates showing growing conviction that prices will continue to rise during the historic Bullish fourth quarter.
The data also suggests that last week’s volatility did not significantly shake the investor’s confidence. BTC’s award fell in the first four days of the previous week, with the sharpest fall below $ 109,000 that occurred on Thursday.
Sales led to over $ 700 million in liquidation of geared long positions-the largest single-day figure of at least six months, according to Coinglass.
Bitcoin’s award has since recovered near $ 114,000.
