Ethereum Derivatives Flash Mixed Signals as Bulls Hold the Edge
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Ethereum Futures Open Interest Holds Above $30 Billion
Ethereum’s futures market isn’t exactly running short of ammunition. Current Coinglass figures show 12.63 million $ETH in outstanding futures contracts, valued at $30.59 billion, even after aggregate open interest slipped 0.42% over 24 hours. Open interest measures contracts that remain active rather than completed trades, making it a useful gauge of how much speculative money is still in the game.
The centralized exchange (CEX) Binance leads the exchange rankings with $8.73 billion in ethereum futures open interest (OI), representing 28.55% of the total. MEXC follows with $3.25 billion, narrowly ahead of CME’s $3.24 billion. The perps decentralized exchange (DEX) Hyperliquid carries $2.61 billion, Bybit holds $2.15 billion, and Bitget accounts for another $2 billion. That’s a tidy sum spread across traditional and crypto-native trading venues.
Ethereum Liquidations Put Leveraged Bulls on Notice
The exchange-level action tells a less comfortable story. MEXC’s ether OI climbed 6.49% over 24 hours, while Bitget gained 1.22%. Meanwhile, Bitunix shed 11.27%, BingX declined 7.57%, and Hyperliquid slipped 1.70%. CME recorded a 1.11% contraction, suggesting traders weren’t uniformly eager to increase exposure.
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Liquidations delivered another jolt. Over 24 hours, ethereum registered 3,222 long liquidations against 2,181 shorts during Friday’s session. The 12-hour figures were even more lopsided, with 2,651 longs versus 876 shorts. Funding rates, however, remained predominantly positive, with Cryptoquant’s latest reading near 0.0053, indicating that leveraged bullish positions continued paying shorts.
Ethereum Options Bulls Control 61.75% of Open Interest
Options traders are singing a different tune. Ethereum‘s outstanding call options total 1.59 million $ETH