Bitcoin Derivatives Show Bullish Sentiment Returning as Long Demand Rises

Bitcoin's implied volatility remains controlled despite a 36% pullback from its October highs, Bloomberg reported on Nov. 27. Perpetual futures markets show rising demand for long positions with funding rates turning positive after dipping negative earlier this week, Coinglass data show. Open interest for $100,000 strike call options now dominates on Deribit, shifting from the prior week's focus on $80,000-$85,000 downside protection. GSR's OTC head Spencer Hallarn said speculative long positions have declined significantly in recent weeks, as reflected in lower perpetual contract open interest and funding rates, positioning the crypto market for potential upside.