Bitcoin Tops $86,000 but Leverage Signals Stay Cool, Glassnode Says

Bitcoin crossed $86,000 on Monday, an eight-month high, driven by a short squeeze, strong ETF inflows and improved risk sentiment ahead of the Sept. 24 U.S.-China summit. But the rally is not yet showing the leveraged excess that typically marks a market top, according to blockchain analytics firm Glassnode.

Glassnode, which tracks onchain and derivatives data across the crypto market, noted on Sept. 21 that long leverage is "slowly rebuilding" in the options market as Bitcoin touched $86,000.

The open interest put/call ratio — a measure of how many bearish bets, or puts, exist relative to bullish ones, or calls — is ticking higher but remains "far from the frothy levels we saw near the BTC top," the firm said.

Two markets, two speeds

The chart Glassnode published shows two derivatives markets moving at different speeds. In the options market, traders are gradually adding bullish exposure.

The seven-day average volume put/call ratio has dropped toward 0.6. That means call volume is outpacing put volume by a wide margin — a sign traders are positioning for further upside.

The perpetual futures market tells a calmer story. There, traders use leverage to bet on short-term price moves. Funding rates — the periodic payments exchanged between long and short traders to keep perpetual contract prices in line with the spot price — remain below neutral, Glassnode said.

That matters. When funding rates are elevated, it typically signals that leveraged longs are crowded and willing to pay a premium to hold their positions. That is not happening yet.

A rally without the usual excess

The divergence matters because the most dangerous rallies tend to be the ones fueled heavily by leveraged speculation. When funding rates spike and put/call ratios collapse, it often means the market is running on borrowed conviction — and a reversal can unwind fast.

Bitcoin's current move, by contrast, appears driven more by spot demand and short covering than by aggressive leveraged positioning, according to Glassnode's data.

The broader context supports that reading. Bitcoin remains roughly 32% below its all-time high of $126,000, reached in October 2025. The CoinGlass Fear & Greed Index sits at 79 — firmly in "Greed" territory, but still short of the "Extreme Greed" zone that typically signals overheated sentiment.

For traders, the setup suggests the rally has room to run before classic topping signals appear. The watch items are clear: if funding rates turn sharply positive and put/call ratios collapse while prices climb, the current spot-driven advance could give way to the kind of leveraged, fragile rally that unwinds quickly.