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Ethereum Open Interest Z-Score Signals Cooling Speculation on Binance
The latest Open Interest Z-Score (30D Rolling) data for Ethereum futures on Binance indicates a continued decline in speculative activity compared to previous weeks, coinciding with Ethereum trading near $1,700 According to the current data, total open interest stands at approximately $4.35 billion, while the 30-day moving average is around $4.81 billion, with a standard deviation of approximately $819.6 million. The Z-Score currently stands at -0.56, suggesting that open interest remains below its monthly average but has not reached extreme levels. The chart shows that open interest surged during the market rally earlier this year, exceeding $12 billion as Ethereum’s price reached local highs. However, the subsequent period saw a gradual decline in open interest as prices fell, reflecting the exit of some leveraged positions and a decline in short-term speculative appetite. A Z-Score of -0.56 indicates that current open interest is below the 30-day average, but this does not represent an exceptional situation or unusual pressure. Such a reading often points to a rebalancing phase after a period of elevated activity, where market movements become more reliant on spot trading than leveraged positions.