Bitcoin derivatives activity is intensifying ahead of a key year-end expiry. Glassnode data shows Bitcoin perpetual open interest at ~310,000 BTC, while funding rates climbed to 0.09%, signaling heavy leveraged long positioning.

This positioning has increased even as BTC slipped to ~$87,200, after briefly touching $90,000, indicating traders are adding leverage despite the pullback.

The buildup comes ahead of the Dec. 26 options expiry, with over $23 billion in Bitcoin options contracts set to mature, raising the risk of heightened volatility around year-end.