Market maker Wintermute's latest weekly market report points out that the ratio of Bitcoin perpetual contract trading volume to spot trading volume has risen to 15x, while funding rate volatility has dropped to a cycle low. This indicates that market leverage is high, but there is a lack of directional consensus. The current structure is more akin to 'compression and accumulation,' potentially brewing a significant one-sided move. They believe that regardless of whether macro catalysts push the market up or down, the current market structure suggests that subsequent volatility could exceed existing pricing expectations. https://(wublock123.com)/news/wintermute-bitcoin-perpetuals-vs-spot-volume-15x-high-leverage-no-direction-consensus-58891