TechFlame reports that Coinbase Institutional notes that despite market volatility, relevant indicators show a significant reduction in leverage and speculative positions, which could lay a more solid foundation for year-end market performance. Data indicates that open interest in BTC, ETH, and SOL perpetual contracts has decreased by 16% month-over-month; U.S. spot ETFs have seen outflows of $3.5 billion in BTC and $1.4 billion in ETH; the funding rate for BTC perpetual contracts once fell below the 90-day average by two standard deviations before recovering. Coinbase Institutional believes that with systemic speculative leverage dropping from around 10% in the summer to 4%–5%, the market structure has become healthier, reducing sensitivity to sharp corrections in the short term.