- Ether futures open interest on Binance has reached a new all-time high of 3.7 million ETH, despite a 44% price decline in 2026.
- The taker buy-sell ratio has improved across exchanges, indicating a more balanced market after prolonged selling pressure.
- Liquidation heatmaps show significant risk for both bullish and bearish leveraged positions, with nearly $8 billion in short positions clustered between $2,200 and $2,400.
Despite a 44% price decline in 2026, Ether traders on Binance are aggressively increasing their leveraged long positions. The exchange’s futures open interest has climbed to a record 3.7 million ETH, accounting for over 44% of the total Ether futures market. Crypto analyst Darkfost noted that futures activity has improved even amid geopolitical and economic uncertainty.
Binance‘s weekly average taker buy-sell ratio increased to 1.0 from 0.95, signaling a shift from seller-led activity. This trend extends across all exchanges, where the ratio has risen to 1 from 0.94 over two weeks. Consequently, buyers are now more active in market orders than sellers.
However, speculative futures activity is accelerating far faster than spot demand. Binance‘s perp-spot volume imbalance indicator climbed to roughly 0.90, nearing a record high. Perpetual futures volume stood near 5.57 million ETH compared to about 290,000 ETH in spot trading.
Market analyst Amr Taha highlighted a growing split, with Binance posting a strong 30-day increase while Gate.io declined. Meanwhile, liquidation heatmaps show nearly $8 billion in short positions clustered between $2,200 and $2,400.
Roughly $1.72 billion in long liquidations sits below the current price, while nearly $1.90 billion in short exposure is concentrated near $1,800. The narrow gap between these pools highlights significant liquidation risk on both sides of the market.
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