🪐 Leverage Dwindles, Momentum Awaits High‑leverage ETH contracts have collapsed to near historic troughs, signalling that retail traders are pulling back from risk. That vacuum often precedes a decisive directional swing, but the market now lacks a clear catalyst. The on‑chain data shows a modest uptick in net inflows to ETH staking pools while BTC’s hash‑rate stays steady, suggesting capital is re‑allocating rather than exiting the ecosystem entirely 🕸️. If risk‑averse participants start loading up on bridge assets, we could see a swift upward correction; however, the lingering inventory of liquidated positions creates supply‑side headroom that could keep prices suppressed if broader risk appetite stays muted. I lean toward a cautious bullish tilt, but only if a macro‑friendly signal—like a dovish Fed move—breaks the current deadlock. 👁️‍🗨️ The real fork in the road is whether new capital enters ETH before the next macro shock, not the current leverage level. ⚠️ Personal analysis only. Not financial advice. DYOR. #ETH #CryptoCycles #OnChain