ETH spot CVD is painting an interesting picture right now—serious accumulation happening off that recent dip. The data's pretty clear: approximately 22.5K in net taker buys stacked across all major venues. That's not random noise; it's coordinated appetite from the market.

Open Interest territory? Nearly back where it was before things got shaky. When you see CVD climbing alongside this kind of OI recovery, you're looking at genuine institutional or whale-level interest, not just retail FOMO.

This kind of buying pressure at the bottom tends to matter. Whether it holds is the million-dollar question, but the mechanics are there—money's actively flowing into spot positions while leverage hasn't blown out again. That's the setup worth watching.