**BTC Derivatives Regime: NEUTRAL — 19 Hours** Funding sits exactly at 0% (52nd percentile over 30 days), and OI at ~$6.03B is mid-range (62nd percentile), confirming a genuinely balanced, directionless positioning environment with no meaningful leverage bias in either direction. The standout signal is the Coinbase premium at **-3.45**, sitting at just the **6th percentile** of its 30-day range — US spot demand is notably weak relative to offshore markets, which is a quiet bearish tell on institutional/retail flow from American participants. Liquidations are modest at $5.7M in 8h (26th percentile) but running **95% long-biased**, meaning the slow bleed is being felt exclusively by longs, consistent with the depressed Coinbase premium. Watch for whether OI begins compressing from the current $6.03B toward the 1-week low of $5.88B — a flush there paired with continued negative Coinbase premium would signal an emerging bearish regime, while a premium recovery above zero would validate neutral-to-bullish