$ETH Open Interest Resets To April 2025 Levels As Binance Funding Turns Negative

$ETH is trading near $1,670 after a roughly 28% decline that has pushed price below February lows and back to levels last seen in early 2023. A CryptoQuant analyst has flagged derivatives data showing the leveraged positioning that accumulated throughout 2025 has largely unwound — but an asymmetry between exchanges is preventing the reset from reading as a clean structural floor.

The Scale of the OI Collapse

The headline number comes from Gate.io, where ETH Open Interest fell from $4.84 billion on May 7 to $2.68 billion on June 9 — a reduction of approximately $2.16 billion, or roughly 45%, in just over one month. The current reading nearly matches the $2.67 billion recorded on April 11, 2025. Bybit tells the same story: Open Interest sits near $805 million, virtually identical to the $795 million level from April 9, 2025. Two major venues have simultaneously erased more than a year of accumulated leveraged exposure.

Why Binance Changes the Read

The reset looks cleaner than it is. While Gate.io and Bybit have both returned to April 2025 market structure, Binance has not followed the same path. ETH Open Interest on Binance remains around $2.76 billion, staying close to its higher range as the other major venues contract sharply around it. The CryptoQuant analysis flags this divergence as the detail that matters most.

Funding Confirms the Shift in Conviction

Retained positioning on Binance does not automatically signal bullish intent. The funding rate tells a more accurate story: at approximately -0.0038, Binance funding has turned negative again, meaning traders are not paying a premium to hold long exposure. The CryptoQuant analyst identifies three conditions that produce negative funding during a price decline — hedging of existing exposure, active short pressure, or simply the absence of aggressive long conviction. None of those describes a market positioning for a rally. Together they describe residual positioning without directional commitment.

Chart Structure After the February Break

From a market structure standpoint, $ETH is now trading below all major weekly moving averages — the 50-week, 100-week, and 200-week are clustered well above current price. The sequence of lower highs and lower lows extends from the rejection off the $4,800 cycle peak. Price failed to hold the $2,250–$2,350 resistance zone, then lost the $1,800 support area that had served as the floor of the February–March consolidation. The recent low near $1,500 now represents the most critical level on the chart. A defense of that area could allow an attempt to rebuild toward $1,800. A weekly close below it would expose the market to a deeper retracement toward the $1,300–$1,400 region, according to the analysis, and would confirm further deterioration in long-term market structure. $BNB and the broader crypto complex are watching whether buyers at that level have any structural argument to work with.