Glassnode (blockchain analytics firm): Bitcoin Tops $90K as Perpetual Futures Open Interest, Funding Rise

According to Glassnode, rising perpetual open interest and funding to 0.09% accompany Bitcoin’s move above $90,000, while Deribit signals a Dec. 26 options expiry with heavy call interest at $100K–$120K.

BTC

Fact Check
The assessment is "likely_true" with high confidence due to consistent and mutually reinforcing evidence from multiple highly authoritative and relevant sources. The statement's central claim—that Glassnode reported rising open interest and funding rates as Bitcoin surpassed $90,000—is directly supported by the provided information.A primary source from Glassnode itself, its "Week On-Chain" report, is described as analyzing market conditions, including "futures positioning," for the hypothetical time period. This directly establishes the foundation of the claim, as Glassnode is the named source.This finding is independently corroborated by other high-authority sources. A market analysis from asset manager VanEck comments on the state of Bitcoin perpetual futures and "speculative appetite" during the specified timeframe, which aligns with rising open interest and funding rates. Furthermore, a news article from CryptoSlate explicitly discusses the rise in Bitcoin perpetual futures open interest (OI) and funding rates as the price approached $93,000, perfectly matching the statement's details. The CoinDesk page aggregating Glassnode reports further solidifies that the firm's analysis on Bitcoin derivatives was being actively covered.The lower-authority sources are either irrelevant to the specific metrics in question or lack the credibility of an institutional data provider and can be disregarded. Crucially, there is no conflicting evidence among the credible sources. The convergence of information from the primary source (Glassnode) and corroboration from a major asset manager (VanEck) and relevant news outlets (CryptoSlate, CoinDesk) makes the statement highly probable.
Summary

According to Glassnode, Bitcoin’s perpetual futures open interest rose from 304,000 BTC to 310,000 BTC during a recovery above $90,000, while funding climbed from 0.04% to 0.09% and stayed positive for most of the past two weeks, indicating a long bias. Glassnode said this reflects a renewed buildup in leveraged long positioning. After the surge, BTC pulled back to about $89,500. Separately, a Dec. 26 Deribit options expiry shows call interest at $100,000–$120,000, puts near $85,000, a 0.37 put/call ratio, and a max pain level around $96,000.

Terms & Concepts
  • Perpetual futures: No-expiry crypto derivatives that track an underlying asset and settle via periodic funding payments between longs and shorts.
  • Funding rate: A periodic payment between longs and shorts that keeps perpetual futures prices aligned with the spot market; positive rates indicate longs pay shorts.
  • Open Interest: The total number of outstanding derivative contracts; rising OI implies fresh positions and greater market leverage.