Data from cryptocurrency derivatives analytics platform Coinglass reveals that Ethereum (ETH) open interest across all exchanges declined sharply in the past 24 hours. The total open interest dropped 11.92%, settling at $23.444 billion as of the latest figures. This reduction indicates a substantial unwinding of leveraged positions in ETH futures and perpetual swaps markets.
Among major exchanges, Binance recorded the largest open interest at $5.324 billion. Gate followed with $2.797 billion, while Bybit and OKX posted $1.585 billion and $1.458 billion, respectively. All tracked platforms experienced declines, pointing to a broad-based decrease in market leverage over the period.
A steep drop in open interest often accompanies a wave of position closures, as traders either take profits or cut losses. While the exact trigger for this move was not immediately apparent, the data highlights a notable shift in derivatives positioning for the second-largest cryptocurrency by market capitalization.