According to @rovercrc, ETH is not overheated because perpetual funding rates have not spiked as they did at the 2021 all-time high. According to @rovercrc, the lack of a funding-rate surge implies less aggressive long leverage versus prior peaks, lowering blow-off liquidation risk and providing room for trend continuation if spot demand improves. According to @rovercrc, traders should monitor any acceleration in funding rates as a signal that leverage risk is rising toward 2021-style conditions.