#Ethereum just cleared the excess.

The drop toward $2,800 forced a full leverage cleanup. Open Interest has rolled over hard from extreme levels, meaning late longs and short-term gamblers are mostly gone.

ETF selling is still a headwind, but structurally this is what strong trends need less leverage, better positioning.

If $ETH can build here, this washout may end up being the foundation for the next leg into 2026.