Recent data from Glassnode reveals that funding rates within cryptocurrency markets have reached their lowest point since the substantial market downturn of 2022. This decline suggests a significant wave of risk reduction and deleveraging in the sector, marking a period of unprecedented caution for traders. Analysts attribute this drastic shift to investors withdrawing from previously aggressive long positions and reducing leveraged trading volume as they seek to navigate a more stable market environment. The last time we saw such a significant drop was during the turbulent events of the Terra (LUNA) crash and FTX bankruptcy, illustrating just how far the industry has come in terms of risk management.