On December 23, 2025, Bitcoin perpetual open interest rose from 304,000 to 310,000 BTC, coinciding with a brief price spike to $90,000, per Crypto Breaking News and Glassnode. The funding rate doubled from 0.04% to 0.09%, signaling renewed leveraged long positioning as traders anticipate a year-end rally, per. BTC later pulled back to $88,200, reflecting caution amid overleveraged longs, per Cointelegraph. This buildup highlights bullish sentiment despite the correction.
Rising funding rates indicate traders paying premiums to hold long positions, often preceding upward momentum but also risking liquidation cascades if prices reverse, per. Glassnode notes the 2% OI increase reflects new capital entering, amplifying short-term volatility. X posts from @glassnode emphasize positioning for a potential year-end move, per. However, extreme rates could signal overheating, as seen in past corrections.
Adding pressure is the December 26, 2025, expiry of $23 billion in Bitcoin options, one of the largest ever, per Bloomberg. Calls cluster at $100,000–$120,000, puts at $85,000, with max pain at $96,000, per Coinglass. A spot price below this could trigger sell-offs as options expire worthless, per. The put/call ratio at 0.37 shows long dominance, per. Volatility intensified with $130B in hourly swings recently.
BTC’s $113,000+ range holds, with $90,000 as key resistance and $85,000 support, per TradingView. Monitor funding rates on CoinGlass and OI on CryptoQuant. Dollar-cost average into BTC with stop-losses below $85,000, diversify into USDC or ETH ($4,070), per. Follow @glassnode on X for updates. The options expiry could drive a rally or correction, but bullish positioning suggests upside potential into 2026.
