Bitcoin $BTC just tapped $86k and the options market is quietly rebuilding some long leverage as put/call ratios start climbing. Still, those ratios are nowhere near the wild peaks we saw near previous tops, so it feels measured rather than frothy. Perp funding rates remaining below neutral only reinforces that leverage isn’t getting out of hand yet. Feels like cautious optimism more than full-on speculation right now. $ETH

#BTC Price Analysis# #ETH