$ETH Down $6B in Open Interest since the local highs. A -21% decline vs just a -9% price decline.

These are generally the resets you want to see during a bigger trend. Longs got way over excited and the high leverage has been flushed out during this correction.

During this time, $BTC lost about $5.8B (-13%) in Open Interest with about a -2% price decline.

Basically, a lot of positions have either taken profit or have been flushed out & chopped up.

Market definitely more healthy than it was 1-2 weeks ago. That doesn't mean it's ready to go up straight away of course. From here on out it will be up to the spot bid to get us higher again. So keep an eye out for spot premiums, ETF flows and treasury buying and how that impacts price going forward.