Bitcoin Pulls Back From $69K Record High, Cooling Overheated Crypto Futures Markets

• Bitcoin pulled back 10% from a record high of $69K, normalizing funding rates in crypto futures markets that had overheated earlier in the week.

• Funding rates over 100% early this week showed over-optimism and excess leverage at interim market tops. Rates are now below 20% for top 25 cryptos.

• The cooldown in futures markets opens doors for a more sustained move to new highs after excesses were cleared out.

• According to one observer, the market euphoria now is reminiscent of previous bull market peaks, and a correction back to the $40K area may occur in coming weeks.

• The sell-off after previous highs was due to over-leverage and unrealistic expectations, not just "bad players." The market looks peakish again now.