The Ether (ETH) futures market has seen open interest (OI) on Gate.io drop 45% from levels last seen in April 2025. At the same time, nearly 480,000 ETH have left Binance, OKX, Gemini and Bitfinex over the past few days, reducing the supply held on the exchange.
This combined move highlights a market with less leverage and declining exchange balances, putting more emphasis on the $1,500 support zone, which some analysts see as key to preventing a deeper move toward $1,000.
Ether Open Interest Falls Across All Exchanges
The Ether futures market underwent a large reset during the recent sell-off. Amr Taha, crypto analyst note total open interest in ETH on exchanges fell 25% from $16.6 billion in May to $12.6 billion, with several major trading platforms now at levels last seen in April 2025.
Ether open interest. Source: CryptoQuant
Gate.io saw the biggest decline. ETH open interest fell to $2.68 billion on June 9 from $4.84 billion on May 7, a drop of about 45%. This figure is now almost identical to the level of $2.67 billion recorded on April 11, 2025.
Bybit followed a similar path. ETH OI currently stands at almost $805 million, close to the $795 million recorded in early April 2025. The move indicates a significant reduction in leveraged positions accumulated during the latter stages of 2025 and early 2026.
ETH opens interest on multiple exchanges. Source: CryptoQuant
However, Binance presents a different picture. ETH open interest remains near $2.76 billion, holding within its recent range. Funding rates have also turned negative on the exchange, with the latest reading close to -0.0047, showing that short traders are paying a premium to maintain their positions.
ETH funding rate on Binance. Source: CryptoQuant
The divergence is notable. Gate.io and Bybit have already experienced a major leverage reset. Binance futures traders remain active, but negative funding indicates cautious sentiment.
Related: Bitmine increases Ethereum treasury to 5.54 million ETH, closing in on 5% supply target
Falling ETH Supply Meets Key Support at $1,500
Ether exchange reserves also saw a notable decline in early June. On Binance, OKX, Gemini, and Bitfinex, tracked ETH balances have fallen by 480,000 ETH over the past few days.
ETH Multi-Exchange Reserve. Source: CryptoQuant
Binance reserves fell to 3.65 million ETH on June 9, from 3.87 million ETH on June 4. Bitfinex holdings decreased to 2.50 million ETH from 2.67 million ETH at the end of May. OKX saw the largest percentage decline, with reserves dropping from 424,000 ETH to around 336,000 ETH. Gemini balances also dropped to around 522,000 ETH.
Continued outflows of ETH could reduce the amount of supply readily available on exchanges if buying demand begins to recover.
Onchain data shows that many ETH holders are still far from making significant profits. According to market commentator Gonza Goth, only 11% of Ethereum’s supply currently sits at a 3x gain or more, the lowest level since February 2017. However, Goth said,
“Historically, extreme pessimism has created the best opportunities. »
ETH: relative supply by profit and loss. Source: Glassnode
Meanwhile, traders are also monitoring the $1,500 level. Ash Crypto Investor note that Ether failed to hold all support levels during the 2022 bear market, when the price finally bottomed near $880.
The analyst said a weekly close above $1,500 would keep ETH above a historically important support zone, while a break below would draw attention towards the next major support zone near $1,000.
ETH/USD, one-week chart analysis by Ash. Source:
Related: ETH Falls to 13-Month Low Following Zcash Bug, Bitcoin Below $60K: Is $1.4K Next?
