The value allocated in open Bitcoin futures contracts has already surpassed $24.1 billion, a level only seen in November 2021, during the last ATH.
Leverage is starting to become excessively high. However, there is no dominant bias, and funding rates remain neutral.
Spot dominates.
This is why the value of liquidations, although at the highest level since January 8, remains relatively low when compared to the last bull market.
At this moment, risk appetite is predominant in spot trading exchanges.
I wouldn't expect a change in sentiment unless there is a substantial change in the funding rate.
