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crypto venues liquidated $545.8m of ETH positions, 96.6% shorts, forcing purchases that amplified ETH's 21% move and helped push ETH/BTC up 9.9%. traders still held $13.1b in ETH open interest after the squeeze, though the price gain inflated the dollar figure. the Ethereum stablecoin base barely grew over seven days, so sellers can reverse ETH/BTC if spot and ETF inflows do not replace the covering. stETH and wstETH largely inherit ETH exposure, but L2 and DeFi governance tokens still need their own buyers ...