$BTC Fear & Greed has been screaming Greed for 45 out of the last 47 days (avg 68).
But here's the kicker: perp funding rates never followed. OKX $BTC funding averaged just ~6% annualized since Aug 20, never even touched the ~11% baseline. Hyperliquid sitting at ~9.7%.
Translation? The greed is all in spot and sentiment—not in leverage. No degen fuel yet. This could mean two things: either we're still early for a real rip, or retail is rotating without conviction.
Watch for funding to spike. That's when things get interesting.
But here's the kicker: perp funding rates never followed. OKX $BTC funding averaged just ~6% annualized since Aug 20, never even touched the ~11% baseline. Hyperliquid sitting at ~9.7%.
Translation? The greed is all in spot and sentiment—not in leverage. No degen fuel yet. This could mean two things: either we're still early for a real rip, or retail is rotating without conviction.
Watch for funding to spike. That's when things get interesting.
