Bitcoin just pushed past $86K, yet the derivatives market is showing almost none of the excessive leverage you would normally see at a cycle peak.

Most traders end up losing money here because they try to predict an immediate blow-off top, panic-selling their spot bags or opening aggressive counter-trend shorts way too early.

When looking at recent Glassnode metrics, the usual warning flags are surprisingly quiet. Perp funding rates for $BTC are still hovering below neutral, which shows that high-risk speculative borrowing is not driving this move.

The real risk lies in misreading this lack of froth. While the options put/call ratio is climbing as traders slowly add exposure, it remains far below the extreme levels recorded at previous major tops. When spot volume carries the market while $ETH and alts watch from the sidelines, price can easily chop sideways and liquidate impatient traders on both sides before a clear trend emerges.

Are you de-risking here or waiting for funding rates to overheat before making a move?

#Bitcoin #CryptoTrading #OnChainAnalysis