Trader positioning in ETH futures and options markets remains elevated despite price pullback, indicating sustained market exposure and conviction among derivatives traders.

"The smaller drop in open interest indicates that traders held onto their current positions in spite of a decline in market activity, underscoring the significance of order-book depth and execution quality for market players."

"Open interest increased 0.50% to 24.53 billion, an indication of new positioning in the futures markets. Options open interest also climbed 1.12% to $4.09 billion."