Overview
- Glassnode reports the largest daily percentage jump in perpetual futures open interest since July 2025 as Bitcoin tested $69,400.
- The push failed to clear $70,000, leaving a cluster of leveraged long positions vulnerable near that resistance zone.
- Funding rates heated up alongside the open‑interest spike, signaling a build‑up of aggressive long exposure in derivatives.
- Analysts note that open interest rising faster than spot typically points to leveraged capital rather than organic spot buying.
- Traders are watching open interest, funding, and liquidation data for signs of either a short squeeze on a clean break above $70,000 or a cascade of long liquidations on a pullback.