The outsider quoted CriptoQuant analyst Krazzyblockk as saying that the CME futures market was close to the annual extreme at both ends. The net excess of asset management agencies fell to $800 million and the net amount of leveraged funds fell significantly, indicating that the agency was simultaneously reducing its exposure to risk.

Asset management units were downgraded

The analysis states that this reading was one of the lowest levels in the United States Commodity Futures Trading Commission (CFTC)-week data. The COT indicator, which measures the position relative to historical areas, has been zero on the asset management side for five consecutive weeks.

Nevertheless, the ratio of institutional space is still 1.97 to 1. This means that there is no general panic in the market, but the institutional confidence in the post-market has shrunk to the weakness of the ETF since it was listed.

The leverage fund didn't continue to empty.

According to the article, the market is more easily misreading changes on the hedge fund side. The leverage fund COT indicator has risen to 99.3 and appears to be close to historical extremes, but this does not mean that they are continuing to expand.

On the contrary, the net emptiness of leveraged funds has fallen to a low of 52 weeks. Its net warehouse position has improved from negative $10 billion to negative $1.95 billion, while the total empty warehouse position has declined by 67.5 per cent over historical heights, from $10.88 billion to $3.53 billion.

In the opinion of the analysts, this mainly reflects the fact that the trade in the spreads is at a level. Since the introduction of the spot bitcoin ETF, leverage funds have remained net empty almost every week, but these positions are more cash and futures arbitrage and are not exactly the same as directional arbitrage.

Irregular contracts are falling faster than prices

According to the article, bitcoin has fallen from its historical high of $121.4 million in October 2025 to 48.4 per cent, and the unsettled contract fell from $18 billion to $6.6 billion during the same period, a decrease of 63.5 per cent.

According to this, analysts have determined that the stifling of contracts is faster than the price, suggesting that the current decline is more like a fall in leverage than a drop in spot sales. The market has entered a silo vacuum in the short term as the number of institutions and the funding gap declines.

He also mentioned that a similar double extreme had occurred in November 2022, when Bitcoin was reported at $16,232 and then increased by 30.3 per cent. However, the article also points out that the market environment is not the same today and that the next wave of apparent fluctuations still depends on which party first re-establishes the warehouse.