$ETH ’s open interest didn't just dip - it's on a meltdown.

And when OI nukes this hard, it’s almost always the same thing:

a full leverage reset.

The excess risk is getting flushed out, and the longer we go the more we run into the 'spot buying zone' rather than leverage.

These wipeouts look scary on the chart…

but they’re the exact conditions that we need if we want to have a real and right move on the long term.