On-Chain Data Analysis Platform Glassnode
On Tuesday, the on-chain data analysis platform Glassnode stated on the social media platform X that after Bitcoin surged nearly 3.5% in the past day, derivatives data indicates potential signs of market overheating, including an increase in short liquidations, a rise in long premiums, and a climb in open interest. However, the increase in funding rates remains moderate.
Glassnode pointed out that the amount of short liquidations in Bitcoin futures skyrocketed to $5.74 million yesterday, with the 24-hour simple moving average currently at $768,252.14. Additionally, the long premium for Bitcoin has significantly increased in the past 12 hours, reaching $270,480.
Bitcoin Long Premium, Source: Glassnode
Meanwhile, the funding rate for perpetual futures has shown a slight increase, currently ranging between 0.0003% and 0.023% across major exchanges, with an average of 0.0016%. Glassnode stated, “In summary, market leverage and speculative positions are rising, but may not yet have reached extreme levels.”
Funding Rates for Bitcoin Perpetual Contracts Across Major Exchanges, Source: Glassnode