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Bitcoin open interest surge fuels year-end rally speculation

Written by Heidi Cuthbert Published dez. 24 2025Last Updated dez. 24 2025

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Bitcoin derivatives markets are entering a decisive year-end phase as open interest on perpetual contracts reaches record levels.

Market data shows Bitcoin’s open interest has climbed above 310,000 BTC, reflecting a sharp increase in leveraged positions.

The surge in open interest coincided with Bitcoin briefly touching the $90,000 level earlier this week.

On-chain analytics firm Glassnode said the growth signals heightened speculative activity among derivatives traders.

Funding rates on Bitcoin perpetual contracts have doubled over a short period, rising from 0.04% to 0.09%.

Glassnode said the rise in funding rates points to growing bullish sentiment and increased confidence among market participants.

The data indicates that long positions currently dominate, suggesting traders are positioning for further upside.

Analysts said the combination of high open interest and rising funding reflects optimism for a year-end Bitcoin rally.

However, Glassnode cautioned that these conditions also increase the risk of short-term price instability.

Elevated funding rates can indicate an overheated market detached from underlying fundamentals, according to the report.

Analysts warned that excessive leverage may amplify losses if price momentum fails to meet expectations.

A sudden pullback could trigger forced liquidations as leveraged long positions unwind rapidly.

Market volatility risks are further heightened by the upcoming expiration of Bitcoin options contracts.

More than $23 billion in Bitcoin options are set to expire on December 26, increasing uncertainty.

Deribit data shows large concentrations of open interest around the $85,000 and $100,000 price levels.

Long contracts at $100,000 and $120,000 are particularly exposed to loss if targets are not met.

Deribit said.

Positions above the $96,000 “max pain” level could face sharp adjustments as expiry approaches.

Analysts said leverage-driven dynamics could magnify price swings during the final days of December.

Despite growing optimism, traders are being urged to monitor funding rates and liquidation risks closely.

The coming weeks may determine whether speculative momentum translates into sustained gains.

Market observers said.

At the time of reporting, Bitcoin price was $86,980.14.