PelinayPA
Bitcoin Leverage Activity Has Calmed Down
The most important point in this chart is that the Funding Rate has returned to around 0.00. This suggests that leveraged positions in Bitcoin’s derivatives market have become significantly more balanced. When funding is positive, longs pay shorts; when funding approaches zero, it indicates that the market is becoming less one sided. As of September 23, 2026, Binance BTC funding is around 0.001%. If Bitcoin continues to rise without funding becoming excessively positive, the move is less likely to be driven by aggressive leveraged long positioning. This is different from the familiar setup where rising prices attract excessive longs, funding spikes, and a subsequent decline triggers large scale long liquidations. At the same time, Fund Volume has recovered to around 93 million, showing a clear increase from the lower levels seen in mid-August. This indicates that trading and fund activity in the market has picked up again. The combination of rising volume and relatively low funding is particularly important. It suggests that the increased market activity is not being driven primarily by excessive long leverage. Meanwhile, GBTC Fund Price has risen to around 66.88. The recovery in both GBTC price and fund volume can be viewed as an additional signal of increased institutional market activity. Based on this chart alone, there is no clear signal of a strong new downside move. In fact, the current funding structure is relatively constructive: funding is not excessively positive, long positioning is not overly crowded, and the risk of large scale long liquidations appears limited. In short, Bitcoin’s derivatives market has significantly cooled down. Funding near zero suggests leverage pressure has eased and positioning has become more balanced, while the recovery in Fund Volume points to renewed market activity. If Bitcoin continues higher from here, the move may develop without being supported by an overcrowded long position structure.