According to glassnode, $OM's Futures Estimated Leverage Ratio (ELR) nearly doubled to 0.4 by 19:30 UTC, coinciding with a price drop to $0.57. This increase in ELR alongside a decline in Open Interest (OI) suggests that spot holdings on exchanges were either withdrawn or reduced. This shift may indicate traders are leveraging futures rather than holding spot positions, a crucial insight for $OM traders looking to understand market dynamics and potential volatility.