Coinbase: Cautiously optimistic about the current market, as speculative bubbles have deflated.

Coinbase Institutional published an article on its X platform stating that the market turmoil in November may have laid the foundation for December's market movements. Open interest in BTC, ETH, and SOL perpetual contracts decreased by 16% month-over-month in November; US spot ETFs saw outflows of $3.5 billion in BTC and $1.4 billion in ETH; BTC perpetual contract funding rates briefly fell to two standard deviations below the 90-day moving average before rebounding. The institution believes that its cautious optimism stems from the deflation of speculative bubbles. With systemic leverage having fallen from approximately 10% of total market capitalization in the summer to 4%–5%, the market structure is healthier, making a sharp correction less likely before the end of the year.