Bitcoin futures open interest has dropped to about 652,000 BTC, its lowest level this year, from 800,000 BTC at the start of the year. At the same time, funding rates for perpetual futures (contracts without expiration) on major exchanges have averaged around -0.3% annualized, indicating traders are maintaining bearish positions while short holders pay to keep them open. CoinDesk said leverage has not returned to the futures market despite Bitcoin's 40% third-quarter gain, pointing to continued bearish positioning in derivatives markets.