Pretty insane that $ETH Open Interest denominated in ETH, is | DaanCrypto on Binance Square

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Pretty insane that $ETH Open Interest denominated in ETH, is basically at an all time high.
The recent move this week alone saw a $2.5B+ increase and full retrace in Open Interest as longs aped into the $2.8K resistance and price saw a full retrace quickly after.

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$BTC The long term trend has been very clean. But recently, Bitcoin has struggled to break its current all time high region and has stalled out for now. The Bull Market Support band is coming in right below and would be a good support area to watch in case price were to re-visit it at some point. This can be soon, this can be later. Meanwhile, the band moves up with price. The cycle has now gone on for quite a while so holding on to the bull market support band will be critical to keep this cycle's momentum going.

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$BTC The past month, Bitcoin Spot ETFs have taken in over $5B in net inflows. Saylor bought about $2.2B and other companies like $GME have bought at least another 2B+. Likely contributing to a $10B+ net inflow from ETFs and companies. Meanwhile, price is still at thhe same level it was at 1 month ago. If the inflows keep going then that's good as eventually you'll chew through the supply. But if those were to stop or turn around, that could become a problem as we have seen the same thing every time since the ETFs are live. Big inflows + No price progression = Eventually leads to a local top being created. Long term I would say that every billion bought by ETFs and Saylor is another billion away from willing sellers and that is definitely bullish in the larger timeframe. But short term it's always a reason for caution for me when price is not moving with massive inflows (or outflows).

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$BTC The past month, Bitcoin Spot ETFs have taken in over $5B in net inflows. Saylor bought about $2.2B and other companies like $GME have bought at least another 2B+. Likely contributing to a $10B+ net inflow from ETFs and companies. Meanwhile, price is still at the same level it was at 1 month ago. If the inflows keep going then that's good as eventually you'll chew through the supply. But if those were to stop or turn around, that could become a problem as we have seen the same thing every time since the ETFs are live. Big inflows + No price progression = Eventually leads to a local top being created. Long term I would say that every billion bought by ETFs and Saylor is another billion away from willing sellers and that is definitely bullish in the larger timeframe. But short term it's always a reason for caution for me when price is not moving with massive inflows (or outflows).

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This week is one of the clearest examples of how narrative follows price and not the other way around. 🔹 $BTC Green on the day: “Middle-Eastern conflict deal will be made soon! Buy the dip! Non-event!” 🔹 $BTC Red on the day: “WW3 imminent! Escalation soon! Did you sell already?” Shows you why you should make your own assumptions and ideas. If you’re following the sentiment of the day or hour even, you will get chopped up and washed out in this environment. Measure your risk/reward in all scenario’s and make choices accordingly.

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$ETH Price action is compressing right below this big $2.8K level. If we'd see a convincing break above $2.8K and hold there, that would be a good setup for a move to the cycle highs around ~$4K. If we do lose this current range then $2.1K is the big high timeframe level to watch. No reason to get over excited in either direction until this current consolidation/compression resolves.

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