ME News reports that on September 21 (UTC+8), Glassnode tweeted that Bitcoin reached $86,000, rising over 10% from last Sunday’s closing price. This rally has been primarily driven by spot and perpetual futures buying pressure, with leverage levels and profit-taking behaviors gradually increasing alongside the price rise. However, ETF fund flows remain divergent, continuing to be the only counter-trend weakening indicator. Glassnode later added that as BTC approached $86,000, long leverage in the options market is slowly rebuilding, with the open interest put/call ratio (P/C Ratio) rising slightly but still far below the overheated bubble levels seen at previous bull market peaks. Meanwhile, speculative sentiment in perpetual futures remains restrained, with funding rates still below neutral levels. (Source: Foresight News)
Bitcoin Surges Above $86,000 as Spot and Perpetual Buy Orders Fuel Rally
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Summary
Bitcoin surged past $86,000 on September 21, driven by strong spot and perpetual futures buy orders. Glassnode data indicates the rally was fueled by aggressive accumulation, though leverage and profit-taking increased alongside the price. ETF inflows remained weak and inconsistent. Long leverage in the options market is gradually recovering, with the put/call ratio rising but still far from previous bull market peaks. Perpetual futures sentiment remains cautious, with funding rates below neutral. The Fear & Greed Index shows mixed signals, reflecting uneven market psychology.
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