Ethereum’s Open Interest Holds Strong Despite Price Drop, Signaling Market Resilience

Despite a recent decline in Ethereum (ETH) prices, the derivatives market remains surprisingly resilient. Open interest for ETH has remained above $8.4 billion even after falling below $4,400 this week, signaling that traders are maintaining positions and anticipating potential rebounds or lack of conviction regarding further downside. 24-hour percentage change in Binance’s ETH open interest now stands at -3.4%, a slight moderation compared to the sharper -6.25% drop observed just two days earlier. This suggests a diminishing aggressive deleveraging phase, with traders seemingly less inclined to amplify the sell-off.