Bitcoin futures basis yields have surged to a seven-month high, indicating a strong bullish sentiment among traders who are willing to pay a premium for futures over spot positions. Analysts have raised concerns about a potential leverage unwind risk as these yields reflect heightened speculation in the market. The current rally is attributed to capital that has been waiting on the sidelines, particularly in the wake of the recent U.S. election results. Despite this bullish trend in futures, spot buying of Bitcoin is reportedly outpacing futures activity, suggesting a complex market dynamic where leverage is at an all-time high. Additionally, Bitcoin derivatives are showing signs of cautious optimism, with the market currently in contango, indicating that futures prices remain elevated compared to spot prices.