#美国终止政府关闭 has recently been focusing on the open contract data of $BTC and $ETH, and it is very intuitive to feel that - leverage is increasing.

Looking back at the trends of the past year, this kind of leveraged increase is usually not a bad thing, and prices often take off accordingly. More importantly, the funding rate is still maintained in the positive range, which means that bulls are willing to spend real money to pay for bullish sentiment, and the overall market sentiment is indeed leaning towards the positive.

However, a reminder: the combination of leverage and positive rates can amplify market movements in the short term—prices can rise quickly, but they can also drop just as decisively. The good news is that compared to the peak of leverage seen in mid-year, the current levels are still quite far off. Additionally, on-chain data shows that spot assets are continuously flowing out, and long-term holders haven't moved their positions much. This round of leveraging appears more like sharp-eyed capital positioning itself in advance—after all, liquidity is gradually improving on the macro level.