PANews reported on December 10th that Coinbase Institutional published an article on its X platform stating that the market turmoil in November may have laid the foundation for December's market performance. In November, open interest in BTC, ETH, and SOL perpetual contracts decreased by 16% month-over-month; US spot ETFs saw outflows of $3.5 billion in BTC and $1.4 billion in ETH; BTC perpetual contract funding rates briefly fell to two standard deviations below the 90-day moving average before rebounding. The institution believes that its cautious optimism stems from the deflation of speculative bubbles. With systemic leverage having fallen from approximately 10% of total market capitalization in the summer to 4%–5%, the market structure is healthier, making a sharp correction less likely before the end of the year.