ETH Open Interest Suffers a $10 Billion Hit
It can be seen that in just ten days, open interest has evaporated by more than $10 billion. This represents a significant risk reduction overall.
In addition, we have continuously seen realized profits exceeding $1 billion, indicating that profit, rather than panic, is the main driving force.
Structurally, Ethereum experienced its first real bearish candlestick in some time last week. It cleanly retraced 9.67% from the top. However, it has rebounded nearly 4% this week, so the bulls have not yet exited the market.
