Bitcoin traders are taking bigger risks again and here's why

Bitcoin crossed $86,000 on Monday, hitting an eight-month high as a short squeeze, strong ETF inflows and improved risk sentiment ahead of the Sept. 24 U.S.-China summit pushed prices higher.

But according to blockchain analytics firm Glassnode, the rally is not yet showing the kind of leveraged excess that typically marks a market top.

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.

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

Two markets telling different stories

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, meaning call volume is outpacing put volume by a wide margin, a sign that traders are positioning for further upside.

Glassnode

But in the perpetual futures market, where traders use leverage to bet on short-term price moves, the picture is calmer.