Crypto market analyst Darkfost said Ether has recently fallen from $2,775 to around $2,500, a drop of nearly 10%, while the notional value of Binance ETH futures open interest declined by about $600 million over the same period. Even so, measured in ETH rather than dollars, open interest on Binance recovered to roughly the level seen at the end of September, reaching about 2.46 million ETH. Darkfost also noted that between Oct. 8 and Oct. 9, the market liquidated about $345 million in ETH long positions within 24 hours. At the same time, Binance’s share of ETH futures open interest across major centralized exchanges rose to nearly 49%, the highest level since 2023. According to Darkfost, the figures show that even after ETH’s price pullback and the liquidation of some leveraged positions, the amount of ETH committed by traders in Binance’s futures market has not dropped in a meaningful way, while Binance’s dominance in the ETH derivatives market has continued to increase.
According to ChainCatcher, crypto market analyst Darkfost said Ether recently fell from $2,775 to around $2,500, a decline of nearly 10%, while the notional value of Binance ETH futures open interest dropped by about $600 million over the same period.
Still, when measured in ETH rather than in dollar terms, Binance’s ETH futures open interest recovered to the level seen at the end of September, at about 2.46 million ETH.
Darkfost also said that between Oct. 8 and Oct. 9, the market saw about $345 million in ETH long liquidations within 24 hours.
At the same time, Binance’s share of ETH futures open interest across major centralized trading platforms climbed to nearly 49%, the highest level since 2023.
In Darkfost’s view, that suggests that despite ETH’s price pullback and the liquidation of some leveraged positions, the amount of ETH deployed by traders in Binance’s futures market has not materially declined, and Binance’s dominance in the ETH derivatives market has increased.
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