Last Thursday, $BTC was pushed up, and after Friday’s nonfarm payroll data came out, it was dumped hard again—but after the selloff, a very interesting signal appeared: funding rates turned negative during this drop, open interest declined noticeably, leverage is exiting the system, and the negative turn means the main exits were leveraged longs. The key point is: even after the leverage got out, Bitcoin still held steadily above 79000. This is a very healthy reset—after a big rally, leverage gets washed out while price still holds up, and once the breakout of the range comes, the next major move will have a clean foundation.