$ETH 's contract popularity is declining. In the past 24 hours, the total contract trading volume across the network has decreased by 21.21%, but the open interest is still around $27.7 billion, indicating that the market isn't shutting down directly, but there are fewer buyers chasing prices, and positions are still held. This state clearly indicates the short-term rhythm: it's more likely to lead to a grinding market. It's not easy to break out in one go, so first see if spot trading can stabilize the market. $ETH