Bitcoin has reclaimed the $90K level, and the perpetual market is showing fresh momentum. Open interest climbed from 304K to 310K BTC—a 2% uptick—while funding rates accelerated from 0.04% to 0.09%. The combination tells a clear story: leveraged longs are stacking up. Traders are aggressively positioning perpetual contracts, betting on continued upside. When funding rates jump like this alongside rising open interest, it typically reflects growing conviction among leverage traders. Whether this buildup leads to a breakout or becomes a crowded trade remains to be seen, but the positioning shift is unmistakable right now.