$ETH dump was very much needed.

And this is coming from someone who's an ETH bull.

After ETH moved above $2.8K, OI reached nearly $20B which is the highest level in 6 months.

Last time Open Interest was this high, ETH was trading above $3,700.

Also, the funding rate reached Jan 2025 level, which is another sign that traders were becoming overly bullish.

But now, things are looking good.

Open Interest is down nearly $4B in the past few days while the funding rate has also entered neutral territory.

I think there could be one more flush before the funding rate turns negative.

After this, ETH short-squeeze will happen 🚀