BTC : Futures Premium Normalizing Perpetual futures premium has compressed back toward neutral after the pullback. Leveraged positioning has clearly cooled. Earlier in the cycle, elevated premiums reflected strong directional conviction. Now, traders are stepping back rather than aggressively building long or short exposure. This shift signals reduced speculative appetite. Participation in futures has thinned, and leverage is no longer driving momentum the way it did during expansion phases. With derivatives activity subdued, near-term direction increasingly depends on spot flows. The market is transitioning into a lower-energy regime following the recent selloff.