Derivatives markets remain defensive, with leverage staying light across futures. Open Interest continues to lag, and funding rates sit flat to mildly negative, highlighting hesitation among leveraged traders. Perpetual contracts show little appetite for aggressive longs, participants are waiting for clearer direction.

Positioning looks neutral overall, with no visible leverage imbalance that could fuel sharp liquidations. As a result, market direction is being shaped more by spot demand, liquidity conditions, and macro developments than by futures speculation. A sustained trend will likely require renewed participation from leveraged players or a strong external catalyst to break the current stalemate.