Leverage is Cooling in the Bitcoin Market

We’re starting to see a noticeable shift in trader behavior across Bitcoin perpetuals. The amount paid by long positions in funding has dropped by nearly 62% — from around $338 million in mid-August to just $127 million now.

That kind of drop doesn’t just happen quietly. It reflects a broader sentiment shift — traders are scaling back on aggressive leverage and becoming more cautious about paying high rates to stay long.

What this really tells us is that the speculative heat is fading. The market is no longer running on pure conviction or FOMO. Instead, participants are stepping back, waiting for stronger confirmation before committing size again.

🧭 In short: The bulls are losing momentum, and the market is taking a breather. Sometimes, that’s exactly what’s needed to reset and build a healthier base for the next leg.
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