From the data, the scale of Ethereum's open contracts has fallen by 50%, which is a very clear signal indicating that high leverage positions are being rapidly cleared. This contraction usually occurs during periods when market sentiment turns cautious and risk appetite declines.

Bitcoin is approaching the key support level of $93,000, where liquidity may further weaken in the short term. Investors need to closely monitor the defense of this level, as a valid break below it could trigger larger leverage liquidations and price declines.
This alleviates some pressure on the leverage side. However, the risks are not fully eliminated. The key issue is that the holdings of the ETF are currently relatively concentrated. If market prices continue to weaken, this portion of funds may be forced to reduce their positions, thereby creating new selling pressure and liquidity pressure.
From a macro perspective, the market is transitioning from the leverage-driven frenzy phase to the value re-evaluation phase. Although this process is accompanied by growing pains and volatility, it is beneficial for the long-term healthy development of the market. It clears out unstable high-leverage positions and lays the foundation for the next round of increases driven by actual demand. Summer is usually a period of market consolidation, and combined with the current technical and macro environment, this consolidation trend is likely to continue.

The current process of deleveraging is painful, but it is a necessary path for the maturity of the market.