Ethereum (ETH) has slightly dipped below $2,500 on Thursday as modest buying activity in the spot market helped counter subdued demand across derivatives. Although ETH maintains a bullish technical structure, declining futures participation and recent outflows from US spot Ethereum exchange-traded funds suggest traders remain cautious about the sustainability of the rally. Ethereum futures show limited leverage and weak conviction Significant leverage has yet to return to Ethereum's derivatives market following the short squeeze that pushed ETH toward $2,500 in late August. Open interest, which represents the value of outstanding derivatives contracts, has fallen by approximately 1 million ETH since the cryptocurrency began recovering in July. Measured in US dollars, however, Ethereum open interest has increased 54% to $33.