**Ether Faces 10% Drop, Futures Interest Hits 7-Month High**
Ether (ETH) saw a sharp 10% correction from July 31 to August 2, dipping below $3,000 for the first time since early July. This drop outpaced the broader crypto market's 6.8% decline. Despite the setback, Ether futures open interest surged to a seven-month high, sparking speculation about a potential rally to $3,600.
Key Points:
- Ether's drop triggered $141 million in leveraged long liquidations.
- Institutional interest in ETH futures rose, but this doesn't guarantee a bullish outlook.
- Net inflows into new Ether ETFs were offset by outflows from older funds.
- Retail traders showed stable leverage demand, indicating no excessive optimism.
Overall, while Ether's price correction was significant, the increased futures interest suggests mixed market sentiment.