Citing Cryptofrontnews, Coinbase Institutional reported a major market reset in November as leverage levels dropped sharply. Open interest for BTC, ETH, and SOL fell 16% month-over-month, while systemic leverage dropped to 4-5% of market cap from nearly 10% in summer. U.S. spot ETFs saw $3.5 billion in Bitcoin outflows and $1.4 billion in Ethereum outflows. Funding rates for BTC moved two standard deviations below the 90-day average, signaling rapid unwinding of long positions. Coinbase noted a sturdier market structure with reduced liquidation risk, though macro and regulatory factors remain active.
Coinbase Reports Crypto Market Reset as Leverage Drops to 4-5% of Market Cap
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