Overview
- Funding rates have continued to drift lower, indicating weakening willingness to pay for leveraged long exposure.
- BTC‑denominated open interest has not rebounded toward the more than 380,000 BTC highs seen earlier in the cycle, according to Glassnode.
- A brief mid‑November uptick in open interest coincided with what has acted as a local price bottom, then faded back to prior lows.
- Glassnode senior researcher CryptoVizArt.₿ characterized the perpetuals market as a “ghost town” in a post on X.
- One report cited Bitcoin around $90,500 at publication, while derivatives gauges remain the primary signal of subdued speculation.