Arab Chain
Ethereum 30-Day Average Open Interest on Binance at Its Lowest Since May 2025
Data from the ETH Open Interest Z-Score (30D Rolling) on Binance indicates significant changes in the structure of the Ethereum derivatives market in recent months. According to the latest reading, total open interest for Ethereum contracts on Binance reached approximately $4.26 billion, while the 30-day moving average stood at around $4.18 billion. The standard deviation for the same period was approximately $285.8 million, and the Z-Score was around 0.29, a moderate reading indicating that open interest is moving close to its historical average without excessive leverage. However, one of the most notable developments in the data is that the 30-day moving average of open interest has fallen to its lowest level since May 2025. This decline reflects a gradual decrease in total open positions over recent months, suggesting a relative reduction in leverage usage within the market. This type of decline often occurs after periods of high volatility or price corrections, as traders tend to reduce risk and close some of their positions, while appetite for leverage decreases. It may also reflect an outflow of short-term speculative liquidity from the derivatives market or a shift by some traders toward more conservative strategies amid market uncertainty. These indicators suggest that the Ethereum derivatives market is undergoing a rebalancing of open positions. With the moving average of open interest falling to its lowest level since last May, the market appears to be moving toward a less leveraged and more balanced environment, which could pave the way for a new cycle of activity if liquidity returns and traders’ risk appetite increases.