According to data from the crypto analytics platform Coinglass, the total open interest (OI) of Ethereum (ETH) contracts across all exchanges saw a significant decline, dropping 11.92% over the past 24 hours to reach $23.444 billion. Open interest, which represents the total value of outstanding derivative contracts, is a key indicator of market leverage and participation. A sharp reduction typically signals that a large number of positions have been closed, reflecting a shift in market exposure.
Among major exchanges, Binance holds the largest share with $5.324 billion in ETH open interest, accounting for 22.7% of the total. Gate follows with $2.797 billion (11.9%), Bybit with $1.585 billion (6.8%), and OKX with $1.458 billion (6.2%). Together, these four platforms account for approximately $11.164 billion, representing nearly half (47.6%) of the entire market's open interest for Ethereum contracts. The remaining $12.28 billion, or 52.4%, is distributed across other exchanges not individually listed in the report.