The situation with ETH is worth a close look. From the spot side, this wave of pullback has accumulated about 17K of net buying pressure, indicating that many retail investors or small funds are accumulating positions at the bottom. In comparison, futures open interest has remained relatively flat and has not followed the upward trend, reflecting that large funds are not aggressively going long. More interesting is the order book structure — the sell side is clearly stacked, and this asymmetric depth configuration usually indicates upward pressure. So the overall picture is: the spot market is actively absorbing, but both futures and the order book reveal a cautious attitude among market participants.