Ether eyes $1,500 support after 25% open interest discount
The Ether (ETH) futures market has fallen by 45% of the open interest (OI) on Gate.io, at the same time as the levels last seen in April 2025. Around 480,000 ETH have been left by Binance, OKX, Gemini and Bitfinex in the past few days, reducing the supply held by the exchange.
A bearish trend highlights a low-potential market and declining currency rates put a strong focus on the $1,500 support zone, which some analysts see as critical to preventing a deeper move toward $1,000.
Ether's open interest falls on exchanges
The Ether futures market underwent a massive reset during the recent selloff. Crypto analyst Amr Taha It is mentioned That total ETH open interest is down 25%, from $16.6 billion in May, to $12.6 billion, with several major trading platforms finally seen in April 2025.
Ether open interest. Source: CryptoQuant
Gate.io recorded the biggest decline. ETH open interest decreased to $2.68 billion on June 9 from $4.84 billion on May 7, a decrease of about 45%. The figure is now the same as the $2.67 billion level recorded on April 11, 2025.
Bybit followed a similar path. ETH OI is currently close to $805 million compared to $795 million recorded in April 2025. The move also saw a significant reduction in usable space in the final stages of 2025 and early 2026.
ETH open demand on several exchanges. Source: CryptoQuant
However, Binance presents a different picture. ETH open interest remains close to $2.76 billion, a near-term high. The currency also turned negative on the exchange, with the latest reading near -0.0047, indicating that short traders are paying a premium to hold their positions.
Funding rate of ETH on Binance. Source: CryptoQuant
The difference is obvious. Gate.io and Bybit have already seen a big usage reset. Futures traders on Binance remain active, but negative funding points to a sense of caution.
Related: Bitmine Raises Ethereum Treasury to 5.54M ETH, Closer to 5% Supply Target
A drop in ETH supply meets key support at $1,500.
Ether currency reserves have seen a significant decline in early June. Beyond Binance, OKX, Gemini and Bitfinex, monitored ETH accounts have dropped by 480,000 ETH in the past few days.
ETH multi-exchange stock. Source: CryptoQuant
Binance holdings dropped from 3.87 million ETH on June 9 to 3.65 million ETH on June 4. Bitfinex holdings decreased from 2.67 million ETH to 2.50 million ETH at the end of May. OKX recorded the biggest percentage drop, with reserves falling from 424,000 ETH to about 336,000 ETH. Gemini's balances also slipped to about 522,000 ETH.
A continued outflow of ETH could reduce supply on exchanges if buying demand begins to return.
According to Onchain data, many ETH holders are still far from big profits. According to market analyst Gonza Gott, only 11% of Ethereum's supply currently sits at 3x or more leverage, the lowest level since February 2017. he said.,
“Historically, great pessimism has created great opportunities.”
ETH: relative supply with profit and loss. Source: Glassnode
Meanwhile, traders are eyeing the $1,500 level next. Investor Ash Crypto It is mentioned Ether failed to hold every support level during the 2022 bear market, with the price eventually falling to $880.
Analysts say a weekly close above $1,500 will keep ETH above a historically important support zone, while a break below will shift focus to the next major support area near $1,000.
ETH/USD, one week chart analysis by Ashes. Source: X
Related: ETH drops to 13-month low on Zcash bug, Bitcoin below $60K: Is $1.4K next?
