MarketPR
$ETH futures open interest has contracted 25% since May, falling to $12.6 billion from $16.6 billion, while roughly 480,000 ETH has drained off major exchanges — shrinking the position overhang but doing little to stabilize price, which has shed about 12% over the past seven days to trade near $1,628.
Exchange-by-Exchange Position Reset The deepest cut came at Gate.io, where open interest collapsed to $2.68 billion on June 9 from $4.84 billion on May 7 — a 45% decline that returned the platform to levels last seen on April 11.
Bybit tells a similar story, with open interest near $805 million, essentially matching the roughly $795 million recorded in early April, according to CryptoQuant analyst Amr Taha.
Open interest there holds around $2.76 billion, and funding rates have turned negative to approximately -0.0047.
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