📉 ETH Open Interest down ~50% since August
Ethereum’s Open Interest today is worth roughly half of what it was in August, signaling a significant reduction in market risk.
This move indicates that institutions and large whales have closed leveraged ETH positions en masse, reducing exposure and speculative pressure.
🔍 Current Open Interest distribution by exchange:
Binance → $7.64B (31%)
Gateio → $3.72B (15%)
HTX (ex-Huobi) → $3.12B (12.65%)
Bybit → $2.53B (10.25%)
HyperLiquid → $2.51B (10.18%)
Bitget → $1.79B (7.25%)
What does this tell us?
- Strong deleverage across the ETH market
- Lower probability of explosive moves in the short term
A more defensive and cautious environment, typical of consolidation phases or preparation for the next trend leg.
However, historically, deep drops in Open Interest often precede major structural moves—either a continuation to the downside with less leverage, or a healthier reversal.
🔗Alphractal. com
