Bitcoin’s derivatives market is showing signs of increased optimism with a noticeable surge in leveraged long positions. These positions, typically seen in perpetual futures (perps), allow investors to magnify their exposure to price movements. As Bitcoin nears record highs, the crypto derivatives market reflects this growing confidence. However, funding rates remain surprisingly low despite the increase in leveraged longs. This is unusual as funding rates often spike during bull markets due to increased competition among traders and short sellers demanding higher fees to maintain their positions. These lower funding rates suggest a balanced environment where traders are confident about potential upside without excessive market tension. The current market setup suggests continued growth for Bitcoin, with room for further price increases while maintaining a healthy level of restraint.