Glassnode said on Sept. 21 that bullish leverage in the Bitcoin options market has been climbing as BTC moved above $86,000. The firm noted that the put-to-call ratio in open interest is also rising, though it remains well below the overheated levels typically seen near Bitcoin market tops. In the perpetual futures market, speculative positioning still looks restrained. Funding rates remain below neutral, suggesting sentiment has not yet reached an extreme despite the latest price breakout. The update points to a market where leverage is building, but not at a pace that matches prior peak conditions.
Glassnode said on Sept. 21 that bullish leverage in the Bitcoin options market is gradually increasing as BTC breaks above $86,000.
The firm said the put-to-call ratio in open interest is rising, but it is still far below the overheated levels seen near BTC tops. In the perpetual futures market, speculative sentiment also remains relatively muted, with funding rates still below neutral.
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