Amr Taha
Ethereum Leverage Flush Returns to April 2025 Levels as Gate.io and Binance OI Turn Sharply Negative
Ethereum is showing another major derivatives leverage reset, with current 30-day open interest change readings returning close to levels last seen around the April 2025 reset phase. The strongest move came from Gate.io. On April 21, 2026, Gate.io recorded a 30-day open interest change of around -461,000 ETH, one of the deepest negative readings on the chart. This puts the current contraction close to the major low recorded on April 27, 2025, when Gate.io’s 30-day open interest change dropped to nearly -654,500 ETH. Binance is also showing a clear reduction in leverage. On April 27, 2026, Binance recorded a 30-day open interest change of around -81,200 ETH. While the Gate.io move remains the larger signal, Binance’s negative reading strengthens the broader market message: Ethereum derivatives exposure is being reduced across more than one major exchange. This setup is important because the April 2025 episode also came during a period of sharp leverage reduction. At that time, excessive positioning was removed from the market, helping Ethereum trade in cleaner conditions after forced-positioning pressure faded. This does not mean Ethereum must repeat the exact price reaction seen after April 2025. However, it does show that the market is moving into a less crowded derivatives structure. When open interest falls sharply in coin terms, liquidation pressure often cools, speculative risk declines, and the market becomes cleaner for the next directional move.