According to Coinglass data, Ethereum (ETH) open interest across all exchanges dropped 5.06% in the past 24 hours to $26.503 billion. Open interest, the total outstanding derivatives contracts, is a key gauge of market leverage. The decline indicates traders have been exiting positions or deleveraging, signaling reduced risk appetite.
Binance led with $5.828 billion (22% of total), followed by Gate.io at $3.672 billion (13.8%), Bybit at $1.769 billion (6.7%), and OKX at $1.628 billion (6.1%). These four exchanges account for nearly half of the total ETH open interest, so their positioning shifts heavily sway the aggregate figure.
The 5.06% drop equates to roughly a $1.41 billion reduction in open contracts. The pullback aligns with ETH’s recent range-bound trading, as traders likely closed long positions or cut exposure near resistance, leading to the significant contraction in total open interest.