Data on BTC and ETH's open contracts clearly shows that

BTC and ETH's leverage are gradually trying to increase, and from the historical trends of the past year, price increases are often accompanied by increased leverage.

However, currently, the funding rates for BTC and ETH are both positive, indicating that bullish sentiment in the market remains dominant, with long positions being more aggressive than short positions, and the overall direction of leverage is bullish. A positive funding rate means that bulls are willing to pay a premium for their positions, which usually occurs when the market expects prices to continue to rise, indicating that sentiment remains optimistic.

But it is important to note that when rising leverage coincides with positive funding rates, structural risks in the market are also accumulating. Short-term price fluctuations could be amplified because if prices experience a rapid decline, it could trigger a chain reaction of deleveraging.

Currently, the overall level of leverage is still far below the mid-year high, meaning that this round of leverage expansion seems more like a gentle probe rather than a full-blown overheating. BTC on the spot market continues to flow out of exchanges, and the chips of long-term holders have not shown significant loosening; the increase in leverage is not due to panic buying but is likely the market waiting for a recovery in macro liquidity to position itself in advance. $ETH $BTC $SOL #BNB创新高 #美国政府停摆 #美国结束政府停摆