According to CoinMeta, analyst Joao Wedson indicates that currently, Bitcoin leverage is in a neutral zone, with no signs of excessive leverage in the market. Based on the analysis of the leverage pressure zones, the current market structure of Bitcoin is relatively stable, especially before periods of high leverage, which usually leads to greater volatility and forced liquidations. This analysis is based on data from 30 exchanges and compares the positioning of derivatives with on-chain behavior.