Interesting phenomenon in the ETH derivatives market: open positions have rebounded to the level before the sharp decline on October 10, but the spot price is still down nearly 40%.

The underlying issue is quite straightforward—traders keep repeating the same mistakes. Every time the market fluctuates, the position data and actual price movements play out like an old show, yet participants always choose to forget the lessons from the last time.

The resurgence of interest in the derivatives market, coupled with the lack of a corresponding rebound in prices, itself highlights an eternal theme of the crypto market: the cyclical nature of human behavior.