#BTC资金流动性 long positions are stirring, and the smoke of the year-end showdown has already spread.

Recently, an on-chain data organization released a key report. According to on-chain monitoring, after Bitcoin regained the integer level of $90,000, the open interest in the perpetual contract market increased from 304,000 BTC to 310,000 BTC, a rise of about 2%. At the same time, the funding rate jumped from 0.04% to 0.09%, a significant change.

What do these two sets of numbers indicate? An increase in open contracts suggests that new capital is continuously entering the derivatives market. A rise in the funding rate and a positive shift indicate that among these new positions, the long positions have the absolute upper hand, as they are continually paying fees to maintain leveraged positions. In other words—long positions are stockpiling chips in preparation for the upcoming year-end market fluctuations. This is no longer just the emotional volatility of small retail investors; rather, it is large capital in the derivatives market making serious bets, possibly wagering on the direction of year-end liquidity or perhaps pre-positioning for certain macro events.

But this concentration of leverage is actually a double-edged sword. During a bull market, it can ignite the flames of price surges, while during a bear market, it can easily trigger a chain reaction of liquidations. Currently, Bitcoin is hovering around the psychological barrier of $90,000, and even the slightest disturbance, amplified by leverage, can lead to huge waves.

From a risk perspective, the market has entered a highly sensitive stage. If you want to participate in trading, the wisest approach is to strictly control the leverage ratio, set a stop-loss line, and avoid letting a reverse fluctuation blow up your account. The real waves may be brewing behind this calm data, so caution is advisable.