Ether tests $1,500 as futures open interest drops

Ether futures open interest fell 25% to $12.6 billion in early June from about $16.6 billion in May, according to market data cited by analysts. Gate.io’s futures OI declined 45% to $2.68 billion on June 9 from $4.84 billion on May 7, returning to April 2025 levels.

Bybit’s ETH open interest eased to about $805 million, near early-April readings. Binance’s ETH OI remained around $2.76 billion and within its recent range. Funding rates on Binance turned negative, near -0.0047, meaning short traders are paying a premium to hold their positions.

Tracked Ether balances on Binance, OKX, Gemini and Bitfinex fell by about 480,000 ETH over several days in early June. Binance’s reserves moved from 3.87 million ETH on June 4 to 3.65 million ETH on June 9. Bitfinex holdings fell to about 2.50 million ETH from 2.67 million at the end of May. OKX reserves declined from roughly 424,000 ETH to about 336,000 ETH, and Gemini’s balance slipped to around 522,000 ETH.

On-chain data shows only 11% of Ethereum’s supply is sitting at a three-times-or-greater gain, the lowest share since February 2017. Market commentator Gonza Goth wrote, “Historically, extreme pessimism has created the best opportunities.”

Traders and investors are watching the $1,500 price level. Investor Ash Crypto wrote that a weekly close above $1,500 would keep Ether above a long-standing support zone, while a break below would shift focus toward a next major support area near $1,000. In 2022, Ether fell through several supports before bottoming near $880.

Open interest measures the number of outstanding futures contracts and is used to gauge leverage and trader positioning. The decline from about $16.6 billion in May to $12.6 billion reflects a reduction in leveraged positions that accumulated in late 2025 and early 2026.

Analysts note that market participants are monitoring funding rates, futures positioning and exchange reserves for signals about potential volatility. They point to the combination of lower futures OI and ongoing exchange outflows as factors that reduce available margin if buying pressure weakens.