Traders are growing cautious, and the crypto mood is beginning to shift. Bitcoin has stalled near $115,500, and momentum is no longer as confident as it was earlier this month.

One key indicator, the CMC Fear & Greed Index, now sits at 66—still in the “Greed” range but cooling from a recent high of 71.

This changing mindset comes amid rising leverage, liquidations, and a quiet rotation from Bitcoin into Ethereum.

Bitcoin under pressure as risk builds in derivatives

Leverage is rising fast. Open interest in Bitcoin futures jumped 15.9% in the past 24 hours, reaching $736 billion. But with the price stuck in a narrow range, that’s making the setup fragile. Long positions worth $145 million were liquidated in a…