Bitcoin perpetual open interest rises as traders bet on year-end rally

Bitcoin perpetual open interest climbed to 310,000 BTC while funding rates doubled, signaling bullish positioning for the year-end.

Crypto derivatives markets are heating up as Glassnode reports perpetual open interest has risen in anticipation of a big move at the end of this year.

Perpetual open interest (OI) has risen from 304,000 to 310,000 Bitcoin (BTC) as its price briefly touched $90,000 on Monday, Glassnode said on Monday.

The funding rate has also “heated up” from 0.04% to 0.09%, which suggests derivatives traders are anticipating a potential market move by the end of the year. 

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