<ul><li>Open interest (OI) in perpetual futures markets, denominated in BTC, serves as a key indicator to measure sentiment in the derivatives space.</li><li>During the recent rally above $90k, a short-side squeeze occurred, indicating the elimination of excessive short positioning.</li><li>The funding rate in perpetual futures markets has remained neutral, signaling a healthy appetite for long positions without excessive leverage.</li><li>Options market data, specifically the 1-Month 25 Delta Skew, shows growing bullish sentiment with call options being more expensive than put options.</li></ul>

Bitcoin: Derivatives Markets Lag as Spot Rally Strengthens

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