On the positioning front:
Funding remains positive even as several names just saw sharp single-day drops. That means traders are still paying up to stay long in the face of red numbers, a setup that can either fuel a squeeze higher or leave late longs trapped if sellers step back in. Liquidations are picking up but not extreme: 404,129 dollars across our tracked pairs in the last hour. If funding flips negative, that's a signal momentum's been wrung out.