$BTC is trading around 61,000 to 62,314, down 2.24% to 4.39% in 24 hours, but the bigger signal is under the surface: spot volume came in near 13.3 billion dollars while futures volume reached 121.8 billion dollars, about 9.2 times spot. Open interest stands at 99,749 BTC and funding is still slightly positive at 0.0009%, which suggests leverage has not fully reset even as price drifts lower.