Analysis: Ethereum structure improves after leverage cleaning on Binance platform, but lacks bullish catalyst According to BlockBeats, on October 16th, CryptoOnchain, a cryptocurrency analysis platform, stated in its latest report that Ethereum's market structure has improved after undergoing Binance leverage cleaning, but there has not yet been a clear bullish catalyst. ETH is currently trading around $2439, with a 6.5% drop on the 7th and a 5.2% drop on the 30th. The overall on chain rating is around zero, indicating a neutral trend. The report believes that positive factors include a 4.7% decrease in Binance's open interest contracts to approximately $6.1 billion within 30 days, a 47% increase in long liquidation, indicating that fragile leverage is being cleared and funding rates are approaching zero; At the same time, Binance ETH reserves decreased by 2.4%, with a low supply proportion and reduced selling pressure; The pledge rate reached 36.1%, ranking at the 98.6th percentile. However, negative factors are also evident, with Binance USDT reserves decreasing by 2.3%, stablecoin net outflows of approximately $175 million, and insufficient new buying funds; Coinbase premium is -0.11, indicating weak institutional demand; In terms of online activities, the number of transactions decreased by 4%, and the cost of destruction decreased by 58%. CryptoOnchain concludes that Binance leverage has been largely cleared and the market structure is healthier, but there is no bullish catalyst yet. If USDT flows back to Binance in the future and Coinbase premiums turn positive, the outlook for Ethereum may turn bullish. [Original link]