The leverage army has regrouped, and the year-end showdown is imminent.

On the evening of December 22, on-chain analysis firm Glassnode released key signals. Data shows that as the price of Bitcoin returns above $90,000, the open interest in the perpetual contract market has quietly risen from 304,000 BTC to 310,000 BTC, an increase of about 2%. More intriguingly, the funding rate has also warmed up from 0.04% to 0.09%.

These two indicators complement each other, revealing a clear script. The increase in open interest indicates that a large amount of new capital is flowing into the derivatives market to establish positions. Meanwhile, the positive and rising funding rate clearly points out that among these new positions, the long positions dominate, as they are paying fees to maintain their leveraged positions.

In simple terms, leveraged longs are accumulating chips again; a layout for potential volatility at year-end is already unfolding in the undercurrents. This is no longer just retail sentiment but rather the main funds in the derivatives market betting with real capital. They may be wagering on year-end liquidity changes or speculating on the outcome of some macro event.

This concentrated accumulation of leverage is, in itself, a double-edged sword. It can serve as rocket fuel to propel prices strongly upward but can also easily trigger violent liquidations when the market moves against it. Currently, prices are hanging at the critical psychological level of $90,000, and any slight movement could be amplified by leverage effects.

According to Bull Brother, the market has entered a highly sensitive state. It is advised that ordinary traders remain vigilant; if participating, it is imperative to strictly control position leverage and prioritize stop-loss discipline. The real storm may be brewing beneath the calm data. #比特币流动性 #加密市场观察