ETH Derivatives Show Fading Bullish Momentum as TVL Drops

[mendez]

Ethereum may be up 15% from last Friday’s lows, but derivatives tell a different story. Perp funding rates remain flat, showing traders unwilling to take on bullish leverage. ETH’s TVL has fallen from $99.8B to $72.3B since the October flash crash, signaling cautious capital and weakening confidence in any sustained push toward $4,000.

[Nahid Hossen]

Derivatives cooling and TVL dropping often precede consolidation phases.

[Rimon Khan]

Momentum weakening across multiple metrics suggests bulls need fresh catalysts.