The cryptocurrency derivatives market has experienced a notable transformation recently, with key indicators suggesting an upward trend despite a 36% decline in Bitcoin’s price since its peak. Implied volatility remains relatively subdued, indicating a shift away from the speculative trading patterns of earlier stages. This suggests a more institutional structure is emerging within the market, potentially resulting in less volatile conditions. Analysis from Coinglass shows an increase in long demand for Bitcoin perpetual futures, coupled with limited open interest – signaling a move away from leveraged excesses. The return of positive funding rates confirms a resurgence of bullish bets, after previously trending negative at the start of the week.