Binance’s Share of Ethereum Futures Open Interest Hits 49%, Highest Since 2023
Summary
- On-chain analyst Darkfost said Binance’s share of open interest (OI) in Ethereum (ETH) futures reached about 49%, the highest level since 2023.
- He said Ethereum fell about 10%, from $2,775 to $2,500, since late last month, while Binance’s dollar-denominated open interest declined by about $600 million over the same period.
- He said that despite the price correction and the liquidation of about $345 million worth of long positions, Binance’s open interest in ETH terms recovered to about 2.46 million ETH, indicating the actual amount of Ethereum committed to the futures market did not shrink significantly.
Forecast Trend Report by Period
Binance’s share of open interest in Ethereum futures has climbed to about 49%, the highest level since 2023, according to an analysis.
On-chain analyst Darkfost wrote on X on October 12 that Binance’s share of Ethereum open interest among major centralized exchanges had risen to around 49%.
Ethereum has fallen about 10% since late last month, dropping to $2,500 from $2,775. Over the same period, Binance’s dollar-denominated open interest fell by about $600 million.
The price pullback also triggered large liquidations. According to Darkfost, about $345 million worth of Ethereum long positions were liquidated over a 24-hour period on October 8 and 9.
Still, Binance’s open interest measured in Ethereum has recovered to about 2.46 million ETH, returning to levels seen at the end of last month. That suggests the amount of Ethereum committed to the futures market did not decline significantly, even as dollar-denominated open interest fell with the price drop.
Darkfost said the amount of Ethereum deployed in Binance’s futures market did not decrease during the correction. More notably, Binance’s share of Ethereum open interest reached its highest level since 2023.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.