ETH open interest has been cut almost in half since August.

That’s not noise. That’s leverage leaving the room.

Big players have reduced risk.

Positions got closed. Exposure came down.

Speculation cooled off.

Right now, ETH is trading in a lighter market.

Less fuel. Less forced moves.

Short term, this usually means slower price action.

Choppy. Compressed. Boring.

But here’s the part people forget.

When open interest resets this hard,

it often sets the stage for the next real move.