$ETH $5B+ Open Interest ramped up in the span of a week.
Partially explained by the price increasing but there's also been a lot of chasing the past few days with minimal price movement.
Spot ETF Net flows have been pretty much flat during this time so I still think most of this move was short squeeze driven. As was the case for many "dead" alts.
Looking for a $2B+ open interest wipe to make things interesting again. The quicker it goes the better it would be for a reset. You don't want to get a slow dribble back down to some support level because that generally ends in more pain afterwards.
I still hold some long term spot ETH but have shaven some profits of from the buys I did in the past couple of months.