#永续合约市场动态 Bitcoin retaking the 90,000 level has drawn attention to the perpetual contract market. Open interest increased from 304,000 BTC to 310,000 BTC, a 2% rise, while the funding rate rose from 0.004% to 0.009%—both indicators moving in the same direction, indicating that longs are gradually building positions.

From an on-chain perspective, this signal is quite clear: leveraged longs are preparing for possible volatility at the end of the year. The rising funding rate suggests traders are willing to pay higher costs to maintain long positions, which typically reflects expectations of further gains. However, it is important to be cautious, as the growth in open interest also means systemic risk is accumulating—once a correction is triggered, these leveraged positions could accelerate the downward move.

It is recommended to closely monitor two key data points: first, whether the contract volume can break through 320,000 BTC (a critical resistance), and second, the sustainability of the funding rate. If the rate continues to rise and surpasses 0.015%, caution should be exercised regarding the risk of excessive long crowding.