On December 22, Glassnode posted on social media that as the price of Bitcoin returned above $90,000, the open interest of perpetual futures rose from 304,000 BTC to 310,000 BTC (an increase of about 2%), while the funding rate also warmed up from 0.04% to 0.09%. The combination of these two indicators suggests that leveraged long positions are being rebuilt, and perpetual futures traders are positioning for potential year-end market fluctuations.
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Glassnode: Bitcoin long positions are reaccumulating, positioning for potential year-end market fluctuations.
On December 22, Glassnode posted on social media that as the price of Bitcoin returned above $90,000, the open interest of perpetual futures rose from 304,000 BTC to 310,000 BTC (an increase of about 2%), while the funding rate also warmed up from 0.04% to 0.09%. The combination of these two indicators suggests that leveraged long positions are being rebuilt, and perpetual futures traders are positioning for potential year-end market fluctuations.