Recent data suggests Bitcoin is experiencing signs of a potential local peak amidst increased caution. This is being driven by macroeconomic uncertainties, leading to volatility among both institutional and individual traders. VanEck analysts have highlighted this trend, noting that while prices have reached $124K in August 2025, the price action displays typical characteristics of a topping pattern. CME basis funding rates have surged to 9% – the highest since February 2025, indicating renewed speculative interest. The current market environment reflects heightened leverage and risk-taking behavior, echoing conditions seen at previous Bitcoin local peaks. Matthew Sigel, Head of Digital Assets Research at VanEck, warned: “In early August, Bitcoin (BTC) slid to $112K with 92% of onchain holdings still in profit, before rebounding to $124K on August 13 to notch a new all-time high above July’s $123,838. CME basis funding rates surged to 9%, the highest since February 2025, reflecting renewed speculative appetite.”