According to @rovercrc, Ethereum (ETH) futures open interest has reset to levels seen before the last major rally, indicating fewer outstanding leveraged contracts in derivatives markets (source: @rovercrc on X, Oct 18, 2025; definition of open interest sourced from CME Group). For trading, practitioners typically track open interest alongside spot volume and funding rates to confirm whether new leverage is entering before taking directional positions (source: CME Group education on open interest; Binance Futures education on funding rates).