#比特币机构持仓 Bitcoin reclaims the 90,000 level, and the bulls are starting to stir again. The open interest in perpetual contracts has increased from 304,000 BTC to 310,000 BTC, and the funding rate has risen from 0.004% to 0.009%. When these two indicators are combined, it becomes quite clear—leveraged longs are re-accumulating positions, clearly preparing for the market fluctuations at the end of the year.

Honestly, this time period is indeed sensitive. Year-end often sees large swings, and now with the bulls focusing on building positions and the funding rate rising, it indicates that market sentiment is heating up, and traders are becoming more daring. However, this is also the easiest time to get caught in traps, as the accumulation of longs means that if the market moves in the opposite direction later, many will face liquidation.

It feels like the end of the year will be a bit lively. Let's keep observing the changes in these indicators.