ETH open interest on Binance has hit an all-time high while price sits near multi-year lows. The derivatives data points in two directions simultaneously, and which one plays out depends on whether spot demand follows.

Strategy CEO Phong Le told CNBC the company's first Bitcoin sale in years was a deliberate operational test, not a shift in conviction. The company holds 845,256 BTC valued at approximately $53.2 billion and intends to remain the largest Bitcoin buyer and holder in the world.

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