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 introduction In the past 24 hours, the Ethereum contract market has shown obvious signs of cooling. According to the latest data from Coinglass, ETH contract positions across the entire network fell by 7.09%, with the total amount falling to US$59.857 billion. The phenomenon of large-scale deleveraging in the short term has caused the market to pay attention to changes in capital and long-short structures.   1. Positions across the entire network dropped sharply, and leveraged funds ebbed significantly. Coinglass data shows that the current total ETH holdings are US$59.857 billion, a decrease of 7.09% compared to the previous day. Among the major trading platforms, Binance still ranks first with $11.721 billion in open interest ； Bybit ranks second with $5.221 billion ； OKX holdings are $3.358 billion. This means that in the past 24 hours alone, the size of contract positions evaporated across the entire network exceeded $4 billion. Deleveraging actions of this magnitude often correspond to an increase in market volatility expectations or a phased shift in capital flows to the spot market. 2. Behind the withdrawal of funds: rebalancing of long and short sentiments The decrease in ETH contract positions is not a single event, but the result of the recent intensification of market volatility. As the price of Bitcoin fluctuates at high levels and Ethereum ecological tokens continue to correct, leveraged funds gradually leave the market, showing that traders' risk appetite has declined. At the same time, some funds may be moving to stablecoins or other safe-haven assets to cope with the risk of potential price adjustments in the short term. Market data shows that the implied volatility (IV) of Ethereum options has also fallen in the past two days, indicating that the enthusiasm for speculative funds has receded. 3. Spot support remains strong and on-chain activities remain resilient Although the derivatives market has cooled down significantly, on-chain activity and pledge size have remained relatively stable. According to DefiLlama data, the total locked value (TVL) of Ethereum remains at around US$67 billion, with no obvious capital outflows. Judging from historical patterns, a decline in ETH contract positions is often accompanied by a weakening of short-term price fluctuations, accumulating momentum for subsequent market trends. Some analysts believe that short-term deleveraging may provide a more robust structural foundation for Ethereum’s next rebound. Conclusion The 7% drop in ETH contract positions indicates that short-term funds in the market are shifting from high-leverage games to more stable structural allocations. Volatility may continue in the short term, but the long-term investment logic has not substantially changed. For traders, this round of "deleveraging" may mean that the market is entering a new equilibrium cycle. 👉 Follow us and we will bring you the latest information and in-depth interpretation of the Web3 market as soon as possible! End Friends who are interested in Web3 are welcome to scan the QR code to add an assistant on WeChat, join our communication group, chat with senior players in the industry about the latest developments in Web3, and explore the infinite possibilities of the future together!  Disclaimer Some of the pictures in this article are from the Internet. If there is any infringement, please contact us to delete them. The content of this article is for reference only and does not constitute any form of investment advice. The cryptocurrency market is highly volatile and investment risks are extremely high. Investors are advised to make prudent decisions and assume corresponding responsibilities based on their own risk tolerance and investment goals. Shuozu Community is committed to the dissemination of knowledge and cannot be held responsible for any investment decisions or economic losses caused by referencing the content of this article. This article does not constitute financial, legal or other professional advice. Please consult professionals before investing and abide by the relevant laws and regulations of the country or region where you are located. |
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