CoinMeta data: According to analyst baykuscharts from CryptoQuant, the open interest on Binance ETH is currently around $5.8 billion, which is about half of the peak of $12 billion last summer. Since the price of ETH has fallen by about half during the same period, the number of open contracts valued in ETH is around 2.5 million ETH, close to the peak level. The decline is mainly driven by prices. Currently, the funding rate is only slightly above zero, and there is no excessive congestion on either the long or short side. The market still has a large amount of leveraged ETH open positions, but there is a lack of confidence in a strong directional trend.