Information on major exchanges (CEX) + decentralized exchanges (DEX) (Coinglass + DefiLlama) Derivatives: Total OI ~$96B (slight decline), BTC OI $45B, ETH OI $24B (has significantly deleveraged from peak). Funding rates are close to neutral (BTC part -0.0015% to +0.0013%, ETH +0.0011%), with no extreme long or short bias. 24h liquidations $503M (mostly long positions, BTC $231M, ETH $127M), leverage has been completely cleaned out. Long-short ratio: On the account level, Binance/OKX long positions dominate (1.96-2.32:1), but on the position level it is close to 1:1, indicating retail panic but institutions have not fully withdrawn. DEX: Uniswap 24h ~$1.6B, 30d ~$70B (stable), Ethereum chain DEX share has recently surpassed Solana (institutional preference for ETH ecosystem). Overall DeFi TVL is stable, with funds migrating from CEX to self-custody wallets + staking, showing that liquidity is real and not purely speculative.