Recent data from Glassnode reveals a heightened risk appetite in the derivatives market as Bitcoin’s price has surged back above the $90,000 threshold.
The analysis indicates that open interest in Bitcoin perpetual futures saw an increase of roughly 2%, climbing from 304,000 BTC to 310,000 BTC. Concurrently, funding rates experienced a rise from 0.04% to 0.09% during this timeframe.
According to information provided by Glassnode, investors are increasingly favoring leveraged long positions as bullish sentiment appears to be gaining momentum as we approach year-end. The uptick in funding rates suggests that demand for long positions is outstripping that for short ones significantly.
Conversely, an interesting trend has emerged regarding on-chain liquidity. Data based on the 90-day simple moving average (90D-SMA) shows that daily transfer volumes for USDT and USDC have reached approximately $192 billion—nearly double the combined transfer volume of the top five cryptocurrencies at around $103 billion per day.
Glassnode highlights that this scenario points towards a growing concentration of liquidity and consensus activities within the cryptocurrency market focused on stablecoins.
*This does not constitute investment advice.