Derivatives data for $ETH is showing a massive cooldown in speculative leverage, which is honestly the healthiest thing that could happen to this market right now. When funding rates reset and open interest unwinds, the market shifts from leverage-driven volatility back to spot-driven accumulation. We’re seeing macro deleveraging across risk assets, but spot inflows are quietly building a floor beneath the surface. Spot buyers don't panic during prolonged sideways action—they view this range as an accumulation window while momentum traders look elsewhere.