Picture this: Bitcoin just pushed back above $86K, yet the trading floor feels unusually calm.
Most traders are terrified of buying near local highs because they have been burned by sudden leverage flushes during previous euphoric peaks. It is always tough deciding whether to step in or wait when momentum picks up.
If you remember the manic cycle tops of the past, they were almost always fueled by extreme borrowing and sky-high perp funding rates. Right now, data from Glassnode shows that even as $BTC reclaims $86K, perpetual funding remains below neutral, keeping dangerous speculative leverage off the table.
Options markets are gradually turning more bullish as traders build exposure and push the put/call ratio higher, yet positioning remains far from the overheated levels seen at prior tops. Compared to the reckless leverage rallies we often see when $ETH and large caps enter price discovery, this price action looks unusually disciplined and spot-driven.
Do you think this lack of aggressive leverage makes the current climb more sustainable, or are traders just hesitating?
#Bitcoin #CryptoMarket #OnChainAnalysis
Most traders are terrified of buying near local highs because they have been burned by sudden leverage flushes during previous euphoric peaks. It is always tough deciding whether to step in or wait when momentum picks up.
If you remember the manic cycle tops of the past, they were almost always fueled by extreme borrowing and sky-high perp funding rates. Right now, data from Glassnode shows that even as $BTC reclaims $86K, perpetual funding remains below neutral, keeping dangerous speculative leverage off the table.
Options markets are gradually turning more bullish as traders build exposure and push the put/call ratio higher, yet positioning remains far from the overheated levels seen at prior tops. Compared to the reckless leverage rallies we often see when $ETH and large caps enter price discovery, this price action looks unusually disciplined and spot-driven.
Do you think this lack of aggressive leverage makes the current climb more sustainable, or are traders just hesitating?
#Bitcoin #CryptoMarket #OnChainAnalysis
