- Ether futures open interest has plunged 25% across exchanges to $12.6 billion, with Gate.io seeing a 45% drop to April 2025 levels.
- Approximately 480,000 ETH has been withdrawn from major exchanges like Binance and OKX, reducing readily available supply.
- Analysts identify the $1,500 price level as a critical support zone, with a break potentially leading toward $1,000.
- Despite the broad reset, Binance shows continued futures activity with negative funding rates, indicating bearish sentiment.
- On-chain data reveals only 11% of ETH supply is at a 3x or greater profit, the lowest level since February 2017.
Ether’s market structure is undergoing a significant deleveraging and supply shift, with futures interest collapsing and hundreds of thousands of tokens leaving major exchanges in early June. This dual movement highlights reduced speculative activity and places intense focus on the $1,500 support zone, which analysts deem crucial for preventing a steeper decline.
Crypto analyst Amr Taha noted that total ETH open interest has fallen 25% to $12.6 billion since May. Consequently, Gate.io recorded the sharpest drop, with open interest falling about 45% to $2.68 billion, matching its April 2025 level.
Bybit has followed a similar path, with its open interest also resetting to early April 2025 values. However, Binance presents a divergent picture where futures activity remains elevated but funding rates have turned negative.
Meanwhile, exchange reserves tracked across Binance, OKX, Gemini, and Bitfinex fell by 480,000 ETH. This outflow reduces the amount of readily available supply, which could amplify price moves if buying demand recovers.
Market sentiment appears extremely pessimistic, as on-chain data shows only 11% of ETH supply is at a 3x or greater gain. Market commentator Gonza Goth said, “Historically, extreme pessimism has created the best opportunities.”
Consequently, all eyes are on the $1,500 price level. Analyst Ash Crypto noted that a weekly close above it would maintain crucial support. A break below, however, would shift attention toward the $1,000 zone.
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