Ethereum ($ETH) Open interest (OI), the total amount of outstanding futures in the derivatives market, fell to a four-month low.
As of June 10, Ethereum OI across all crypto exchanges was hovering around $23.3 billion, according to the data. coin glass Finvold analyzed it. Such, $ETH OI revisited the same lows recorded at the time of its surrender on February 6, 2026.
Ethereum OI recorded a moderate increase in March and April, reaching a regional average high of around $33 billion. Such, $ETH The price spiked in tandem from the average low of around $1,939 and retested the liquidity zone around $2,400.
however, $ETH OI peaked in May and subsided in early June, indicating the beginning of a new deleveraging event. Although interest has waned, $ETH Over the past few days, the altcoin has faced increasing bearish pressure, dropping to a year-to-date low (year-to-date low) of around $1,511.
The Ethereum derivatives market is undergoing deleveraging as more investors shift their focus to SpaceX’s much-hyped initial public offering (IPO). Additionally, SpaceX’s IPO was oversubscribed four times its target amount, and capital inflows into the cryptocurrency market continued to decline.
What will happen to Ethereum price amid new deleveraging?
As Ethereum continues to deleverage, the funding rate, the fee set to maintain a balance between the perpetual contract price and the underlying asset price, has moved into negative territory for the first time since early May. Essentially, negative funding rates indicate that traders are more bearish as they are willing to pay fees to long traders to maintain their positions.
As Finvold explained, further selling pressure could subside if the deleveraging event continues, as altcoins are retesting key support levels. Additionally, as Finvold pointed out, spot demand for Ethereum suggests a potential recovery led by BlackRock (NYSE: BLK).
