The reaction showed up first in ETFs.
Source: TradingView
On the IBIT 1-hour chart, price opened lower and briefly dipped into the 53.6–53.7 zone. What stands out is what didn’t happen next. There was no continuation sell-off, no acceleration lower, and no CME gap distortion. Price stayed compressed between roughly 53.6 and 53.9, rotating instead of trending. That range acted like a holding area, not a trapdoor.
If confidence had cracked, price wouldn’t sit still like that. It would move.
The derivatives side tells the same story. OI-weighted funding stayed close to flat, moving between about +0.003% and +0.008% during the session. For context, periods of leverage excess usually push funding above +0.03% and keep it there. That didn’t happen. Funding also didn’t flip sharply negative, which means shorts weren’t in control either.
Source: CoinGlass
Open interest eased, but it didn’t collapse. There were no liquidation spikes and no disorderly drops. This looks like leverage being trimmed, not flushed. When leverage resets quietly and price holds, it usually means positioning is adjusting, not reversing.
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