Andrew Kang: ETH leverage ratio has returned to the level during the ETF hype, which may put pressure on ETH

Odaily News Andrew Kang, co-founder of Mechanism Capital, wrote on the X platform: "ETH leverage has returned to the level during the ETF hype. Is there a good reason to explain that this phenomenon is driven by non-directional long positions? If not, then this will put pressure on ETH."