$BTC funding is sitting at 4.0% annualized after a 1.33% gain over 7d, with open interest only 1.0% higher. That made me look twice.

This isn’t a leverage stampede. The long/short account ratio is 1.48, but account ratios count accounts, not position size, and open interest can’t show which side added exposure.

Positioning looks engaged, not stretched.

This is not financial advice. Do your own research.