Ethereum futures positions look smaller on the surface, but Santiment's data tells a different story.

Surface level: open interest shrinking
Under the hood: something else is brewing

The divergence between headline metrics and on-chain behavior is where alpha hides. When the crowd sees "declining interest," smart money might be repositioning.

$ETH traders — don't just read the headline OI numbers. Dig into funding rates, perpetual vs quarterly splits, and whale wallet flows.

This is how you separate noise from signal.