Ether (ETH) Open Interest Falls Nearly 20% on Binance in One Month

Ether (ETH) fell about 15% over three weeks as open interest on Binance declined nearly 20% in a month, marking a sharp contraction in derivatives exposure alongside the price drop.

Binance open interest for ETH fell by about $1.3 billion over the month to roughly $5.7 billion. Marketwide open interest stood at about $11.5 billion. Ether’s market capitalization declined by about $54 billion during its three-week retreat.

Liquidations triggered by falling prices and traders choosing to cut exposure drove the reduction in positions. A larger decline in open interest in July was followed by an Ether rebound of more than 32%, taking its price back above $2,800.

Binance’s share of Ether futures open interest among major centralized exchanges previously neared 49%.