Ethereum Futures Open Interest Hits Record 3.7 Million ETH as Rebound Bets Rise
Summary
- Binance's ETH futures open interest hit a record 3.7 million ETH, indicating that bullish positions betting on a rebound are increasing.
- Binance and the broader market both saw their weekly taker buy-sell ratio rise to 1.0, a sign that the sell-side bias has eased.
- The futures-to-spot volume imbalance indicator climbed to about 0.90, while large long and short liquidation positions accumulated across key price levels, signaling rising liquidation risk.
Forecast Trend Report by Period
Ethereum is trading near its lowest level of the year, while the futures market is seeing an increase in bullish positions as traders bet on a rebound.
Cointelegraph reported on June 12 that open interest in ETH futures on Binance reached a record 3.7 million ETH. Binance now accounts for more than 44% of the overall ETH futures market.
Crypto analyst Darkfost said ETH futures trading activity is improving even as geopolitical tensions and macroeconomic uncertainty intensify.
Buying sentiment has also partially recovered. Binance's weekly taker buy-sell ratio rose to 1.0 from 0.95. Across all exchanges, the ratio climbed to 1.0 from 0.94 over the past two weeks, easing the market's previous sell-side bias.
Still, leveraged trading is growing faster than spot demand, adding to market risk. Binance's futures-to-spot volume imbalance indicator rose to about 0.90, near an all-time high. Perpetual futures volume was about 5.57 million ETH, compared with roughly 290,000 ETH in spot volume.
Liquidation risk is building on both the upside and downside. About $8 billion of short positions is concentrated in the $2,200 to $2,400 range, meaning a rebound in ETH could trigger a short squeeze.
At the same time, liquidation risk for long positions below the current price remains substantial. Below $1,500, about $1.72 billion in long liquidations is waiting. Near $1,800, about $1.9 billion in short liquidations is concentrated.
Analyst Amr Taha said Binance's ETH open interest increased by 616,400 ETH over the past 30 days, while Gate.io recorded a decline of 631,700 ETH. Position flows are clearly diverging across exchanges.
