The cumulative monthly premium paid by long-side contracts over the last 30 days shows a dramatic shift in leverage demand. At the March all-time high, this cost reached ~$120M per month, but plummeted to $1.7M by mid-September. Recently, it's modestly increased to $10.8M monthly. While this indicates a slight uptick in long-leverage demand over the past two weeks, it remains far below January 2023 levels.
This significant drop reflects a market that has cooled considerably during the current correction, suggesting reduced speculative interest among traders.