📉 New report from Bybit and Block Scholes shows mixed signals for Ethereum and Bitcoin.

- Open interest in ETH perpetual contracts declined as overleveraged positions were liquidated.

- ETH futures contracts did not experience the same decline, but total position volume has not recovered since the expiration of $20 million contracts in November 2024.

- ETH outperforms BTC in options, but trading volumes are falling, reflecting caution in the market.