The withdrawals from derivative exchanges coincided with inflows to spot exchanges, showing that traders are repositioning.

• Ethereum’s Estimated Leverage Ratio dropped by 15% in two days, showing reduced leverage in the Ethereum market. 
• 375,000 ETH has also been withdrawn from derivative exchanges as speculative interest wanes.

Ethereum [ETH] has had one of its most volatile weeks in history. After dropping to a five-month low of $2,160 earlier this week, the largest altcoin has since recovered to trade at $2,760 at press time.

However, this rebound could be short-lived due to shifting dynamics in the derivatives market.