According to CoinMeta, analyst Joao Wedson indicates that Ethereum ($ETH) shows clear signs of weakened positions among major market participants. The changes in open contracts over 30 and 180 days are both negative, and the difference in positions between whales and retail investors also shows that large players have significantly reduced their long positions while gradually increasing their short positions. However, the total number of open contracts remains at around 10.58 million ETH, indicating that there is still a large amount of leveraged exposure in the market. This puts Ethereum at risk of another wave of forced liquidations. The position data sends a clear warning that the risks are far from over.