Binance’s Share of Ethereum Futures Open Interest Hits 49%, Highest Since 2023
Summary
- Binance’s share of Ethereum futures open interest (OI) rose to about 49%, the highest level since 2023.
- Ethereum’s price fell about 10% from $2,775 to $2,500, while Binance’s dollar-denominated open interest declined by about $600 million over the same period.
- About $345 million worth of Ethereum long positions were liquidated on Oct. 8-9, but Binance’s open interest recovered to about 2.46 million ETH.
Forecast Trend Report by Period
Binance’s share of Ethereum futures open interest rose to about 49%, the highest level since 2023, according to an analysis.
On Oct. 12, on-chain analyst Darkfost wrote on X, formerly Twitter, that Binance’s share of Ethereum open interest among major centralized exchanges had climbed to about 49%.
Ethereum has fallen about 10% to $2,500 from $2,775 since late last month. Over the same period, Binance’s dollar-denominated open interest declined by about $600 million.
The price correction also triggered heavy liquidations. Darkfost said about $345 million worth of Ethereum long positions were liquidated over the 24 hours spanning Oct. 8 to Oct. 9.
Binance’s open interest measured in Ethereum, however, recovered to about 2.46 million ETH, returning to levels seen at the end of last month. That suggests the amount of Ethereum committed to the futures market did not shrink significantly even as dollar-denominated open interest fell with the price decline.
Darkfost said the amount of Ethereum deployed in Binance’s futures market did not decline despite the correction. More notably, Binance’s share of Ethereum open interest reached its highest level since 2023.
