Bullish Traders Foot the $2.3B Bill as Bitcoin Open Interest Flexes Ahead of Jobs Day

Bitcoin open interest has climbed by $2.3 billion, or roughly 27,000 BTC, since Sept. 30, with rising funding rates indicating that traders are paying a premium to maintain bullish positions ahead of Friday's U.S. jobs report. Open interest now stands at approximately 653,000 BTC, equal to $56.2 billion, up from 626,000 BTC on Sept. 30, a gain of about 4.3%, according to CoinGlass data. Bitcoin has moved from around $83,500 to $86,500 over the same window, and the combination of higher price and rising open interest suggests fresh longs are helping to support the rally.

Perpetual funding rates have jumped from around 3% to 10% across the period. Funding is the periodic payment exchanged between long and short traders that anchors contracts to spot prices, and a positive rate means longs pay shorts. The shift signals stronger demand for upside exposure, with traders willing to shoulder higher carrying costs as they position into the jobs data. Open interest of about 625,000 BTC at the end of September sat near its lowest level in 12 months, meaning the rebound is starting from a depressed base.

A more bullish funding regime also raises the cost of holding leveraged longs and can leave traders exposed to a sudden reversal in price. The pickup in derivatives activity has carried into equity markets, with crypto-linked names advancing in Friday's premarket trading. Strategy (MSTR, $160.54, Market Closed) and Strive (ASST, $30.11, Market Closed) are each up around 3%, while Coinbase (COIN, $189.29, Market Closed) and Robinhood (HOOD, $111.15, Market Closed) have gained roughly 2%.