Open interest on $ETH has cooled hard since September — Gate's down nearly 50%, Binance still sitting around $3B.
This is leverage getting flushed out of the system. That's actually healthy. Less froth, less late-cycle euphoria, cleaner structure.
When OI drops like this, it means weak hands and over-leveraged positions are gone. The market's resetting. This is what you want to see before the next real leg up.
Patience pays here. Let the structure clean up, let the cycle do its thing. We're not chasing — we're positioning for the move that matters.
This is leverage getting flushed out of the system. That's actually healthy. Less froth, less late-cycle euphoria, cleaner structure.
When OI drops like this, it means weak hands and over-leveraged positions are gone. The market's resetting. This is what you want to see before the next real leg up.
Patience pays here. Let the structure clean up, let the cycle do its thing. We're not chasing — we're positioning for the move that matters.