If we're talking about high open interest, it's definitely $ETH. The open interest data is really high, especially since there are still some investors going long, betting that ETH will have a better rebound. I don't know the conclusion, but I do know that with such a large open interest, the risk might be higher.
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Although the price seems to have dropped quite sharply recently, the data from the open interest of $BTC shows that it is not very high. Investors' sentiment towards Bitcoin's direction is not overwhelmingly one-sided. Although it appears that short-sellers have increased somewhat, it is not by much. Currently, the open interest data is still at a relatively low level compared to the past year.
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