Ethereum Futures Open Interest Falls 25% as 480,000 ETH Leave Major Exchanges
Summary
- Ethereum futures open interest has fallen about 25%%, in what the market sees as a process of flushing out excessive leveraged positions.
- A total of 480,000 ETH in outflows was recorded from major exchanges including Binance, OKX, Gemini and Bitfinex, extending the decline in exchange reserves.
- The market is watching whether Ethereum can hold the $1,500 support level, and if it fails, the next major support level could be near $1,000.
Forecast Trend Report by Period
Open interest in Ethereum futures has dropped sharply, while Ethereum holdings on major exchanges have also declined.
Cointelegraph reported on June 9 that total open interest in the Ethereum futures market fell about 25% to $12.6 billion from $16.6 billion in May.
Gate.io posted the steepest decline among exchanges. Its Ethereum open interest fell about 45% to $2.68 billion from $4.84 billion last month, returning to levels last seen in April 2025.
Bybit's Ethereum open interest also fell, dropping to about $805 million, also back to April 2025 levels.
Binance, by contrast, maintained Ethereum open interest at about $2.76 billion. Its funding rate, however, fell to about -0.0047, indicating stronger demand for short positions.
The decline in open interest is being interpreted as a market reset after a significant portion of excessive leveraged positions was liquidated.
Ethereum balances held on exchanges also moved lower. A total of 480,000 ETH was withdrawn over the past several days from major exchanges including Binance, OKX, Gemini and Bitfinex.
Binance's Ethereum holdings fell to 3.65 million ETH from 3.87 million ETH on June 4. Bitfinex also saw its holdings decline to 2.5 million ETH from 2.67 million ETH, while OKX posted the biggest percentage drop, with holdings falling to 336,000 ETH from 424,000 ETH.
A decline in exchange reserves is generally interpreted as a sign that investors are moving assets into wallets for longer-term storage. That could reduce the amount of supply immediately available for sale if buying demand returns.
The market is also watching whether Ethereum can hold support at $1,500. On-chain analyst Gonza Goth said only 11% of Ethereum's current supply is sitting at gains of more than 3x. Historically, extreme pessimism has offered the best buying opportunities, he added.
Another crypto analyst, Ash Crypto, said holding $1,500 on a weekly chart would preserve a key support level. If that level breaks, the next major support could come near $1,000.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
