According to data from Coinglass, the total open interest in Ethereum (ETH) contracts across the entire network decreased by 9.08% over the past 24 hours, currently standing at $23.55 billion. This metric aggregates the notional value of all outstanding perpetual and futures contracts, serving as a key gauge of derivative market positioning. The downward shift in open interest directly reflects the reduction of positions by derivatives traders.
By exchange, Binance holds the largest share at $5.401 billion, followed by Gate with $2.791 billion, Bybit with $1.541 billion, and OKX with $1.436 billion. All of these platforms recorded a decline in open interest, indicating that significant unwinding of positions occurred in the past day, contributing to the overall 9.08% drop.
Coinglass, a public derivatives data platform, aggregates open interest in real time via API connections with major exchanges. Movements in open interest are frequently used by traders to assess changes in market activity and leverage levels, though they do not provide direct directional signals for price.