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A thread 🧵
The market has reduced some leveraged $ETH exposure. Open interest is down about 26% from late September to $11.8bn, nearly twice the fall in price.
Leverage is back to mid-August levels with ETH about $400 higher, so if price steadies, the next move starts from a cleaner base.
ETF buyers are back, with $526.7 million of inflows on Monday, and $BTC is holding its range.
The ceiling is $84,333, the average ETF cost. Our latest Intelligence Update looks at what carries price through it before the Fed meets.