Futures cool off, and bears creep in

Futures cool off, and bears creep in

Meanwhile, the derivatives market isn’t faring much better.

HYPE’s Perpetual Volume declined to $2.436 billion as of this writing from a recent high of $8.7 billion.

A drop here suggested that fewer traders are actively participating in leverage-based speculation as the appetite for directional bets plummets. 

Interestingly, those left in the future are mainly betting on prices to decline in the short term. Funding Rate flipped negative to -0.0006 on Coinalyze, a clear shift in bias.

But here’s the twist: despite the bearish lean, there’s no momentum. Just quiet positioning—and that’s often when squeezes strike.