Analyst: ETH's market value has evaporated by 54 billion USD in nearly three weeks, and this round of adjustment may be nearing its end

Cryptocurrency analyst Darkfost stated that this round of deleveraging is driven by factors such as price declines, chain liquidations, and traders actively closing positions to reduce risk. Looking back at July this year, Ethereum also experienced a more severe contraction in open contracts, followed by stabilization and a rebound, with an increase of over 32%, and the price once breaking through 2800 USD. Deleveraging is part of the market adjustment process, and such phases are often accompanied by panic sentiment, which may also occur at the tail end of an adjustment.

The overall performance of the altcoin market has been weak over the past three weeks, with Ethereum's price correcting by about 15%, and its market capitalization shrinking by approximately 54 billion USD. In the derivatives market, Binance's ETH open contract volume decreased by 1.3 billion USD in the past month, a decline of nearly 20%, dropping to 5.7 billion USD; the total amount of ETH open contracts across the network has fallen to 11.5 billion USD.