Bitcoin Retreats 10% from $69K High, Cooling Overheated Crypto Market
• Bitcoin pulled back 10% from record high of $69K, normalizing funding rates in crypto perpetual futures market • Funding rates had surged above 100% earlier this week as strong bullish momentum led investors to overleverage • High funding rates typically signal over-optimism and mark interim tops • Top 25 cryptocurrency funding rates now mostly below 20% after bitcoin's price drop • Market could continue to cool in coming weeks, potentially pushing bitcoin back to $40K area due to overleveraging