Ethereum Derivatives Weaken Despite Stable Price

Ethereum's price has remained steady near $2,700 despite weakness in derivatives. The open interest (OI) in Ethereum futures declined to 12.71 million ETH this week, falling by roughly 500K ETH over the past four days.

In USD terms, OI is hovering near $34.5 billion, the same level as May, but prices are 15% higher, indicating weak leverage participation.

The Estimated Leverage Ratio (ELR) fell further over the past week to its lowest level since March, showing reduced leverage exposure and a more stable derivatives market.