According to data from Coinglass, the total open interest in Ethereum (ETH) futures and perpetual contracts across all exchanges has decreased by 6.18% over the last 24 hours, now standing at $25.082 billion. Extrapolating from this decline, the previous total was approximately $26.74 billion, indicating that roughly $1.66 billion in contract positions were either closed or reduced within a single day.
Examining the distribution among major trading platforms, Binance holds the largest share at $5.434 billion, accounting for about 21.67% of the network-wide open interest. Gate takes second place with $3.481 billion, representing roughly 13.88% of the total. Bybit and OKX follow with $1.722 billion and $1.588 billion, representing shares of 6.87% and 6.33% respectively. Together, these four exchanges command approximately $12.225 billion in open interest, or 48.7% of the entire market, highlighting a high concentration of derivative positions among top-tier venues.
The reduction in open interest may point to a short-term cooling of leveraged activity in the Ethereum derivatives market. While it does not signal a definitive market direction in isolation, continued monitoring of open interest levels will be an important gauge for assessing shifts in trader positioning and sentiment.