Ethereum Open Interest Stays at $8.4B Despite Price Dips 🔥

ETH slid 5.5% this past week. Now struggling around $4,400. Yet derivatives data reveals something interesting. Open interest remains stubbornly fixed above $8.4B even as prices dipped below the $4,400 mark 📊

Price drops typically scare away leveraged positions. Not this time. ETH traders seem unmoved. Maybe they expect a bounce back? Or perhaps they don't buy into the downward trend. The OI contraction slowed significantly - just 3.4% in 24 hours compared to -6.25% earlier this week. Looks like aggressive deleveraging might be running out of steam 📉

Market mood feels bearish. Net Taker Volume stays negative between -1.08B and -1.11B. Yet that steady open interest tells a different story. It's kind of surprising - buyers seem to be quietly absorbing selling pressure instead of running away. A strange mix of bearish talk but resilient positioning 🧐

Daily withdrawals from exchanges often exceed 120,000 ETH. Good sign. These outflows drain sell-side liquidity. Might indicate longer-term accumulation. Not exactly favorable conditions for extended selling 🚀

Technically speaking, Ethereum's chart shows this bearish head-and-shoulders pattern. But some folks think this could be one of those "biggest bear traps" the market occasionally sets. The €3,800 (~$6,750 AUD) to $4,100 zone seems crucial now. If ETH stays above it? Those sidelined traders might jump back in at higher prices. That could spark an upside move 📈

"Uptober" has a history of relief rallies. So this weakness? It might set up something unexpected. With buyers soaking up selling pressure and that stable open interest, a bullish comeback heading into Q4 2025 isn't entirely out of the question 🌕