🚨 Bitcoin is rising, but leverage is still not chasing the move. That matters.

Here’s what the funding data is showing.

The 7-day average funding rate across major perpetual futures markets has improved slightly.

Mean funding moved:
• from around 0%
• to about 0.005%
• and has now eased back to roughly 0.003% over the last 24 hours

In simple terms, traders are paying very little to stay long.

That’s important.

Funding rates tell you how crowded a trade is:

High funding = too many leveraged longs, market overheated

Low or near zero funding = positioning is light, leverage is cautious

Right now, funding is positive but small.

That means:
• longs exist, but they are not aggressive
• leverage is present, but not excessive
• the move is not being driven by hype

Historically, strong and sustained Bitcoin rallies usually happen when funding holds above 0.01% for an extended period.

That’s when:
• traders start chasing price
• leverage increases
• momentum accelerates

We are not there yet.

So what does this tell us?

The current setup is:
• supportive for upside
• not stretched
• not crowded

This is very different from tops, where funding spikes early and stays elevated.

As long as funding stays modest:
• liquidations remain limited
• downside pressure from leverage is lower
• upside can build more slowly

If price continues to rise without funding jumping above 0.01%, it usually means spot demand is doing most of the work.

That’s a healthier structure.