Quick snapshot (Aug 13, 2025): ETH's up-trend pushed price to the $4.7K doorstep; at write time it was $4,620, +28% on the week. Open interest surged to $30.15B, and if price wicks down toward $4,143, models show potential ~$6.42B in long liquidations. Long/short sits near 0.89 (slightly bearish skew). Inflows into spot ETH ETFs (over $1B in a single day on Aug 11) likely helped fuel the move.

What I'm watching next
   •   Do we get a clean break and daily close above $4.7K, or a rejection into that liquidation pocket?
   •   Does OI cool off on a push higher (healthier) or keep climbing into froth?
   •   Are ETF net flows still positive this week, or was Aug 11 an outlier?

How are you playing it?
Scaling in only on strength above $4.7K? Waiting for a sweep into $4.1–$4.2K? Or just riding spot and ignoring the perp noise? Share your plan + timeframe.