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BITCOIN LEVERAGE IS UNWINDING AGAIN.
The Perpetual Market Directional Premium is compressing sharply.
Aggressive long exposure is steadily being flushed out as $BTC continues to chop sideways.
Leverage is quietly leaving the system.
This is what time capitulation looks like, not panic selling, but exhaustion.
Funding cools. Speculation fades. Positioning resets.
The market is clearing excess before the next major move.