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$BTC ETFs vs Leverage 🚨 Pulled the CoinGlass numbers myself: BTC open interest sitting at $47.43B (754K BTC), down slightly 24h, funding staying mostly green through July into August after a rough spring where it flipped negative repeatedly. That's the real tension right now. ETF spot flows went hot early August ($854M in one week) then reversed to outflows by the 14th. Meanwhile derivatives never really backed off. OI's still elevated, funding's still positive. Leverage didn't leave when spot did. I'll say the quiet part, that gap between spot demand and leverage positioning is exactly the kind of setup that precedes sharp flushes. Not calling one. Just saying respect it. Still long-term bullish. But this is a week to watch positioning, not chase it. If spot flows flip green again before this OI cools, this turns into fuel instead of fragility. Spot returns first, or leverage flushes first? $BTC #BTCETFsVsLeverage