As of 23:00 UTC on June 5, 2026, data from Coinglass reveals that Ethereum’s (ETH) aggregate contract open interest across all exchanges fell by 11.92% in the past 24 hours, bringing the total to $23.444 billion. This marks a drop of approximately $3.17 billion from the previous day’s estimated $26.61 billion, indicating that a significant amount of long or short positions were closed or liquidated, and that the derivatives market is undergoing heavy deleveraging.
A breakdown by exchange shows Binance leading with $5.324 billion in open interest, accounting for 22.7% of the total; Gate follows with $2.797 billion (11.9%); Bybit holds $1.585 billion (6.8%); and OKX has $1.458 billion (6.2%). Collectively, these four platforms represent nearly 47.6% of the ETH futures market, and all recorded a decline in open interest.
Notably, Gate’s $2.797 billion position surpassed those of Bybit and OKX, securing second place and highlighting the exchange’s growing depth in the crypto derivatives space. The broad-based decrease in open interest reflects a rapid shift in market risk appetite, with participants uniformly reducing leverage.
As a authoritative derivatives data provider, Coinglass’s open interest metrics are often regarded as a barometer of market sentiment. The 11.92% drop is one of the larger moves recently, leaving traders generally cautious about ETH’s near-term trajectory.