If you are still shorting this rally thinking it is an overheated top, stop now.
Most traders keep losing money trying to call tops on gut feeling, forgetting that euphoria looks completely different under the hood.
Glassnode data shows $BTC reclaiming $86K, yet derivatives look remarkably sane. If you compare this price action to the blow-off tops of 2021, the difference is night and day. Back then, retail was apeing into insane leverage, funding rates were burning red hot, and liquidations were cascading every few hours. Today, perp funding rates are still sitting below neutral, meaning the speculative froth is practically nonexistent.
Options markets are gradually turning more bullish as traders position around $ETH and major pairs, but the put/call ratio is nowhere near historical peak-cycle extremes. We are moving higher on spot demand and cautious positioning rather than reckless leverage, which is usually the healthiest fuel for continuation.
Are we looking at genuine disbelief before another leg up, or is smart money just waiting for liquidity to exit?
#Bitcoin #CryptoMarket #TradingInsights
Most traders keep losing money trying to call tops on gut feeling, forgetting that euphoria looks completely different under the hood.
Glassnode data shows $BTC reclaiming $86K, yet derivatives look remarkably sane. If you compare this price action to the blow-off tops of 2021, the difference is night and day. Back then, retail was apeing into insane leverage, funding rates were burning red hot, and liquidations were cascading every few hours. Today, perp funding rates are still sitting below neutral, meaning the speculative froth is practically nonexistent.
Options markets are gradually turning more bullish as traders position around $ETH and major pairs, but the put/call ratio is nowhere near historical peak-cycle extremes. We are moving higher on spot demand and cautious positioning rather than reckless leverage, which is usually the healthiest fuel for continuation.
Are we looking at genuine disbelief before another leg up, or is smart money just waiting for liquidity to exit?
#Bitcoin #CryptoMarket #TradingInsights
