on sunday, ethereum price It retested the $3,000 milestone after trading below that level for the past few days due to volatile market conditions. While ETH price may be gradually regaining its upward momentum, it is still under downward pressure on other fronts, such as open interest (OI).
Ethereum open interest plummets
In the current unstable situation of virtual currency, Ethereum derivatives market Shows important indicators. This important signal comes from ETH open interest, which has seen a significant decline over the past few months. According to According to a study by Alpharactal, an advanced investment and on-chain data analytics platform, this metric has fallen by half or 50% since August this year.
A significant drop in this indicator clearly indicates a noticeable change in traders’ positioning and risk appetite. After an era of high leverage and aggressive speculation, the latest selloff signals positions are being unwound, exposures are being reduced, and momentum in the futures market as a whole is cooling.
Al-Faraktar emphasized that: Ethereum open interest The value is now about half of what it was in August 2025, suggesting that market risk has decreased significantly. Such movements are indicative of institutions and large whale holders closing leveraged ETH positions. The exit of positions by large investors shows that they are reducing their exposure and speculative pressure.
ETH open interest also plummeted on cryptocurrency exchanges. After investigating the distribution of Ethereum open interest by exchange, AlphaRactal revealed that it was the world’s largest exchange with a 31% decline to $7.64 billion. Binance.
Gateio’s open interest was $3.72 billion, down 15%, while HTX (old house name) was down 12.65% to $3.12 million. Furthermore, Bybit decreased by 10.25% to $2.53 billion, HyperLiquid decreased by 10.18% to $2.51 billion, and Bitget decreased by 7.25% to $1.79 billion.
As open interest on exchanges declines, this tells a compelling story of the current market structure. This outlines a robust deleveraging across the globe. Ethereum The market becomes more volatile and less likely to make short-term explosive moves.
A more cautious and protective atmosphere usually means a stage of adjustment or preparation for the next leg of the trend. Historically, however, large reductions in open interest have often preceded significant structural changes, either a healthier reversal or a continued decline with less leverage.
Withdrawals of ETH from virtual currency exchanges are rapidly increasing
The decline in Ethereum’s open interest occurred at the time of a large-scale decline. ETH supply At a cryptocurrency exchange. Currently, ETH withdrawals are reached It was the lowest level since 2016, reflecting heightened trader caution and waning short-term selling pressure.
as More ETH will be withdrawn from exchanges When placed in long-term storage, the fluid supply continues to decrease. While a decrease in supply increases ETH volatility, it also promotes an increase in price pressure.
Featured image from iStock, chart from Tradingview.com
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