[GSR Executive: Market Leverage Long Positions Cleared, 'Christmas Rally' Possible by Year-End] Spencer Hallarn, Head of OTC Trading at GSR, stated that most long positions in the market have been cleared, establishing a foundation of skepticism. Perpetual contract funding rates are very low or even negative, indicating that there isn’t much leverage in the market. Overall, this structure is quite favorable for a Christmas rally, and the market outlook towards the end of the year looks promising.