Leveraged traders caught on the wrong side of the market washed out in a matter of days, leaving Bitcoin and Ethereum derivatives markets stripped of excess speculation. A Santiment update on June 4 revealed that Bitcoin’s total open interest collapsed roughly 25% over just four days, falling to $23.2 billion—the lowest since early April. Ethereum’s open interest shed 13%, dropping to $9.8 billion, a level not seen since March. The data confirmed a significant purge of speculative capital at the end of May and start of June.