This deleveraging is setting ETH up for a massive run 🚀.

After a pullback to $2,800, excessive leverage in $ETH has been largely washed out, with open interest falling sharply from record levels.

This reset comes even as ETF outflows remain elevated, suggesting speculation has been cleared while longer-term positioning takes shape.

If history rhymes, this kind of deleveraging often sets the groundwork for a stronger and more stable Q1 2026.