This is what a "healthy correction" looks like. Liquidations in ETH wipe out a lot of open interest but price continues rising with a cleaner set up.

The rally is so powerful because it combines leverage (cyclical) with a shift in portfolio allocation (structural).

BTC is the beneficiary of portfolio allocation, and ETH from growing demand for leverage since it’s the highest-grade collateral, especially in its yield-bearing forms, LSDs.

Dream within a dream within a dream. 

The journey of an idle ETH through two layers of value, only to be deconstructed in the end into different parts.

The Ethereum spot ETF approval in the U.S. could happen as early as May 23. We’re roughly 100 days away from the first approval deadline (May 23), and the ETHE discount is 12.5%. This is very similar to where GBTC’s discount was trading 100 days before the approval (Oct 2), before it quickly converged to zero.

Ilan Solot

@isolot