ChainCatcher reports that Coinglass data shows Ethereum's open interest fell 7.98% in 24 hours to $26.683 billion. This marks a significant cooling in leveraged market participation.
Open interest, a key gauge of futures market activity, typically declines when traders close positions or reduce margin. The current drop was broad-based across major exchanges, reflecting a cautious shift in sentiment.
Binance leads with $5.816 billion in ETH open interest, Gate follows with $3.746 billion, while Bybit and OKX hold $1.782 billion and $1.63 billion, respectively. All four platforms recorded decreases, pushing the total down. Coinglass data provides a quantitative measure of evolving sentiment in the Ethereum derivatives space.
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