Ethereum Price Holds Steady Despite Derivatives Weakness

Ethereum (ETH) price remains steady near $2,700 on Friday despite weakening derivatives sentiment.

The open interest in Ethereum futures has declined by around 500K ETH over the past four days to 12.71 million ETH, with a total worth of approximately $34.5 billion in USD terms.

This decline indicates weak leverage participation, as prices have increased by 15% since May but OI remains at the same level.

The Estimated Leverage Ratio (ELR), which measures the ratio of an asset's open interest to its spot reserves on exchanges, has also fallen to its lowest level since March.