MarketPR
$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.
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