The question my friend asked, I carefully looked at the data of ETH open contracts since 2019. In theory, there are signs of "contract killing" when the open contract is at a high point, but both upward and downward movements are possible. For example, in 2021, there was a significant increase, and in 2022 and 2024, the contract was cleared through a decline. Therefore, it is difficult to have a direct answer in that direction. If I have to say it, it is indeed true that the proportion of leverage cleared during the decline is higher. Of course, this is the statistical result of daily data, and if we switch to more detailed data, it cannot be said well. Therefore, we cannot assume that high but not flat contracts will definitely pull or smash the market. It can only be said that the higher the unsettled contract, the stronger the game theory, and the more likely it is to increase market changes. From a historical perspective, it does not necessarily mean that breaking through a high point will necessarily lead to a reversal. For example, the rise of the unsettled contract this time started in April 2022 and only cleared the leverage once in February 2025. From February to now, it is still an accumulation process.