ETH's open interest spiked sharply during the recent dip, with fresh positions flooding in from both sides of the trade. Shorts have been accumulating, but long liquidations haven't dominated the picture—plenty of buyers are stepping up too.

Funding rates across major exchanges have turned negative, meaning shorts are currently paying longs to hold positions. That's a meaningful signal in itself.

What's catching attention is the sustained spot buying pressure. The aggregated spot CVD shows a notable uptick with net inflows reaching +17K ETH. This suggests real accumulation beneath the volatility, not just leverage traders playing the swings.