Ethereum Open Interest Dives 25%, Focus Shifts to $1,500 Support Level

Ethereum's futures open interest has declined by 25% since May, according to CryptoQuant analyst Amr Taha. This drop in open interest has pushed activity on several major platforms back to levels last seen in April 2025.

Gate.io recorded the steepest contraction, with ETH open interest falling to $2.68 billion on June 9 from $4.84 billion on May 7, a decline of about 45%. Bybit has experienced a similar reset, with open interest near $805 million compared with roughly $795 million in early April 2025.

In contrast, Binance's open interest remains around $2.76 billion, while funding rates have turned negative to approximately -0.0047. This suggests that short sellers are paying to maintain their positions, indicating traders remain cautious despite the recent reduction in leverage elsewhere.