To no surprise, the funding rates across the market have gone flat or negative after this recent flush of leverage. Especially on alts, many lost over 50% of their open interest which is absolutely insane. Nothing we've ever seen before in such a quick move. This does leave a lot of room for the market to move before getting overheated again in the long run. Yes, we'll likely see some sharp moves up and down in the short term. But to truly get overheated again will take at least several weeks of violent upside price action. We have had the reset. But now it's up to the bulls (and their spot bid) to get things going into year's end. A reset is nice, but it won't do anything if there's no buying in the end.