In the Ether (ETH) futures market, open interest (OI) on Gate.io has dropped by 45% to levels last seen in April 2025. At the same time, almost 480,000 ETH has left Binance, OKX, Gemini and Bitfinex in the last few days, reducing the supply held on the exchange.
The combined move highlights a market with lower leverage and falling currency balances, putting more emphasis on the $1,500 support zone that some analysts see as crucial to preventing a deeper move toward $1,000.
There is open interest in ether on stock exchanges
The Ether futures market underwent a major reset during the recent sell-off. Crypto analyst Amr Taha excellent that total open exchange ETH interest fell by 25% to $12.6 billion from $16.6 billion in May, with several major trading platforms now reaching levels last seen in April 2025.
Ether open interest. Source: CryptoQuant
The largest decline was recorded by Gate.io. Open ETH interest fell to $2.68 billion on June 9 from $4.84 billion as of May 7, a decline of approximately 45%. This number is now almost identical to the $2.67 billion level recorded on April 11, 2025.
Bybit followed a similar path. ETH OI is now close to $805 million, close to the $795 million recorded in early April 2025. This move indicates a significant reduction in leveraged positions that have accumulated in the later stages of 2025 and early 2026.
ETH opens interest on many exchanges. Source: CryptoQuant
Binance, however, paints a different picture. ETH’s open interest remains near $2.76 billion, remaining in the recent range. Funding rates have also turned negative on the stock market, with the latest reading near -0.0047, showing that miniature traders are paying a premium to hold their positions.
ETH funding rate on Binance. Source: CryptoQuant
The discrepancy is noticeable. Gate.io and Bybit have already experienced a major leverage reset. Futures traders on Binance remain lively, but negative funding indicates cautious sentiment.
Related: Bitmine Expands Ethereum Treasury to 5.54M ETH, Approaching 5% Supply Target
ETH supply decline meets key support at $1,500
Ether’s foreign exchange reserves also saw a significant decline in early June. At Binance, OKX, Gemini and Bitfinex, monitored ETH balances have decreased by 480,000 ETH in the last few days.
ETH Multi-Exchange Reserve. Source: CryptoQuant
Binance reserves dropped to 3.65 million ETH on June 9 from 3.87 million ETH on June 4. Bitfinex shares fell to 2.50 million ETH from 2.67 million ETH at the end of May. OKX saw the sharpest percentage decline, with reserves dropping from 424,000 ETH to approximately 336,000 ETH. Gemini balances also dropped to approximately 522,000 ETH.
The continued outflow of ETH could reduce the amount of supply readily available on exchanges if purchasing demand begins to recover.
Onchain data shows that many ETH holders are still far from making substantial gains. According to market commentator Gonza Goth, only 11% of Ethereum’s supply is currently seeing an enhance of at least 3x, which is the lowest level since February 2017. However, Goth he said,
“Historically, extreme pessimism has created the best opportunities.”
ETH: relative supply by profit and loss. Source: Glassnode
Meanwhile, investors are also eyeing the next $1,500 level. Ash Crypto Investor excellent that Ether failed to hold all support levels during the 2022 bear market, with the price eventually bottoming out near $880.
The analyst said that a weekly close above $1,500 will keep ETH above a historically significant support zone, while a break below that value will shift attention towards the next major support area near $1,000.
ETH/USD, weekly chart analysis by Ash. Source: X
Related: ETH Drops to 13-Month Low Due to Zcash Bug, Bitcoin Below 60K dollars: will the next one be 1.4 thousand? dollars?
