Wintermute's latest analysis suggests the cryptocurrency market is building a solid foundation for a potential rebound. Despite recent price corrections, key indicators reveal a healthier market structure emerging. Leverage Cleared, Overheating Resolved The report highlights a significant shift: Bitcoin's funding rates have turned negative for the first time since October, indicating decreased leverage. Furthermore, futures open interest has substantially decreased, signaling a reduction in market overheating. Spot Market Taking Over This deleveraging has shifted the market focus from futures trading towards spot-oriented activity. According to Wintermute, this transition has created a more stable and sustainable environment. Rebound Potential Hinges on Macro Stability Wintermute's analysis concludes that this newfound market structure is well-positioned for a rebound, provided the broader macroeconomic environment stabilizes. The clearing of leverage and shift to spot trading offer a more resilient base for future growth. ```