What to Expect After Today’s Moves in Bitcoin? Analysis Firm Offers Clues

According to Glassnode data, risk appetite in derivatives markets increased as the Bitcoin price rose back above the $90,000 level.

According to the analysis, the amount of open interest in Bitcoin perpetual futures increased by approximately 2%, from 304,000 BTC to 310,000 BTC. During the same period, funding rates also rose from 0.04% to 0.09%.

Data shared by Glassnode shows that investors are turning back to leveraged long positions and that bullish expectations are strengthening towards the end of the year. The increase in funding rates indicates that demand for long positions is significantly higher than for short positions.

On the other hand, a remarkable picture emerged in terms of on-chain liquidity. According to the 90-day simple moving average (90D-SMA), the daily transfer volume of USDT and USDC reached approximately $192 billion. This figure is almost double the total transfer volume of the top 5 cryptocurrencies (approximately $103 billion/day).

Glassnode notes that this situation indicates a growing concentration of liquidity and consensus activities in the crypto market on stablecoins.

*This is not investment advice.