Core Insights - Ethereum is experiencing one of its most significant pullbacks in over a year, with its price dropping below $4,000, leading to a substantial liquidation of positions across major exchanges [2] - The recent price decline is part of a broader market reset, with leveraged traders facing the most significant losses as billions in Ethereum positions were wiped out [2][5] - The outflow of funds from U.S. spot Ethereum ETFs has intensified market pressure, with a record outflow of $795.56 million in a single week [5][7] Group 1: Market Dynamics - The drop below $4,000 has triggered a wave of liquidations in the derivatives market, exacerbating selling pressure [2] - Data shows that on September 23, Binance alone saw over $3 billion evaporate in a single trade, with Bybit and OKX also experiencing significant reductions in positions [2] - The total open interest has decreased sharply, reaching its lowest level since early 2024 [2] Group 2: Institutional Participation - The decline in institutional investor participation has significantly increased selling pressure, as uncertainty remains regarding the approval of staking features for these ETFs [7] - The simultaneous exit from derivatives and institutional products has heightened market volatility, concentrating pressure on the Ethereum trading ecosystem [7] Group 3: Price Movements - After hitting a low of $3,845, Ethereum bulls managed to hold above $3,800, with the current trading price at $4,002 [7] - Despite attempts to stabilize, Ethereum is still down approximately 10% on a weekly basis compared to its price of around $4,490 the previous week [7] - The bullish outlook now hinges on Ethereum's ability to reclaim and maintain levels above $4,000 [7]

Group 1 - The core point of the article is the trading volume and open interest data for WTI, Brent crude oil, and natural gas futures released by CME on August 12 [1] Group 2 - WTI crude oil futures had a trading volume of 897,826 contracts, an increase of 232,289 contracts from the previous day; open interest was 2,011,227 contracts, a decrease of 26,972 contracts [1] - Brent crude oil futures had a trading volume of 136,381 contracts, an increase of 28,541 contracts from the previous day; open interest was 192,141 contracts, an increase of 3,690 contracts [1] - Natural gas futures had a trading volume of 657,992 contracts, an increase of 214,138 contracts from the previous day; open interest was 1,616,354 contracts, an increase of 23,404 contracts [1]