Ethereum ($ETH) Open Interest (OI), the total unsettled futures in the derivatives market, has fallen to the lowest level in four months.
On June 10, Ethereum OI across all cryptocurrency exchanges hovered around $23.3 billion, according to data from CoinGlass analyzed by Finbold. As such, $ETH OI revisited the same lows registered during the February 6, 2026, capitulation.
The Ethereum OI recorded a gradual increase in March and April, reaching an average local high of about $33 billion. As such, $ETH price surged in tandem from its average low of approximately $1,939, retesting a liquidity zone around $2,400.
However, the $ETH OI peaked in May and capitulated in early June, signaling a fresh deleveraging event. With less interest in $ETH OI over the past few days, the altcoin has faced heightened bearish pressure, dropping to its lowest year-to-date (YTD) level of around $1,511.
The Ethereum derivative market has experienced heightened deleveraging as more investors shifted their interest to the hyped initial public offering (IPO) of SpaceX. Furthermore, the SpaceX IPO was oversubscribed by 4x the target raise, while the crypto market continued to see lower capital inflows.
What’s next for Ethereum price amid fresh deleveraging
Amid the ongoing Ethereum deleveraging, its Funding Rate, a fee set to maintain balance between the perpetual contract price and the underlying asset price, shifted into negative territory for the first time since early May. Essentially, negative funding rates signal that traders are more bearish, as they are willing to pay the fee to long traders to maintain their positions.
With the altcoin retesting a major support level, as Finbold explained, a sustained deleveraging event could reduce further selling pressure. Moreover, spot demand for Ethereum has signaled a potential rebound, led by BlackRock Inc. (NYSE: BLK), as Finbold noted.
