[Coinbase Institutional: Leverage Cleared in November, Healthier Market Structure] Leverage and speculative positions in the market saw a significant decline in November, potentially laying a solid foundation for year-end performance. Open interest in BTC, ETH, and SOL perpetual contracts dropped by 16% month-over-month; U.S. spot ETFs saw 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 moving average by 2 standard deviations before rebounding. Systemic speculative leverage has decreased from around 10% in the summer to 4%–5%, resulting in a healthier market structure and reduced sensitivity to sharp corrections in the short term.