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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6
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Breaking News: XRP Price Predictions: AI Forecasts $4.40 By March 2026, Analysts Target Up To $6

Bitcoin Speculation Muted: Glassnode Analyst Calls Perps A ‘Ghost Town’

Keshav Verma
Keshav Verma
Last Updated: December 9, 2025 10:00 am
2 mins read
Bitcoin

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Glassnode’s senior researcher has pointed out how Bitcoin perpetual futures market is looking like a “ghost town,” with Open Interest continuing to be at muted levels.

Bitcoin Futures Open Interest Has Remained Low Since October Reset

In a new post on X, Glassnode senior researcher CryptoVizArt.₿ has talked about the recent trend in the Bitcoin Open Interest for the perpetual futures market. The “Open Interest” refers to an indicator that measures the total amount of positions related to the asset that are currently open on all centralized derivatives platforms.

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When the value of the metric rises, it means the investors are opening new positions related to the asset. Generally, new positions come with fresh leverage for the sector, so the cryptocurrency’s price can become more volatile following an increase in the Open Interest.

On the other hand, the indicator going down suggests the perpetual futures traders are either closing up position of their own volition or getting forcibly liquidated by their platform. Such a trend can lead to more stable price action for BTC due to the clearing of leverage.

Now, here is the chart shared by CryptoVizArt.₿ that shows the trend in the Bitcoin perpetual futures Open Interest (BTC-denominated) over the last few months:

Bitcoin Open Interest
The value of the metric seems to have been moving sideways in recent days | Source: @CryptoVizArt on X

As displayed in the above graph, the BTC-denominated Bitcoin perpetual futures Open Interest saw a sharp plunge back in October as a result of the crash in the cryptocurrency’s price.

Following the leverage flush, the indicator traveled sideways around its lows, but in mid-November, speculation noted an uptick as the asset’s drawdown continued, with the metric’s value peaking alongside the level that has so far acted as the bottom.

Since this high, however, the indicator has cooled off once again and approached the same lows as the ones that followed the massive liquidation event in October. Thus, with Open Interest back under 310,000 BTC, it seems speculative interest in the market has once again become muted.

The recent decline in speculative participation has come alongside a drop in the perpetual futures Funding Rate, a metric tracking the amount of periodic fee being exchanged between the short and long investors.

Bitcoin Funding Rate
How the BTC Funding Rate has changed over the last few months | Source: @CryptoVizArt on X

From the chart, it’s visible that the Bitcoin perpetual futures Funding Rate has been going down since a while now. “This persistent drift lower reflects a decline in leveraged long conviction, with traders unwilling to pay a premium to maintain upside exposure,” noted the Glassnode researcher.

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Based on the recent developments, CryptoVizArt.₿ has called the perpetual futures market a “ghost town.”

BTC Price

At the time of writing, Bitcoin is floating around $90,500, up almost 6% over the last seven days.

Bitcoin Price Chart
The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, Glassnode.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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