Why is the US$1,500 level important for Ethereum?

The US$1,500 level is viewed by many traders as a major long-term support zone for Ether. Analysts warn that losing this level could increase the risk of a deeper decline towards the next significant support area near US$1,000.

What does the 25% drop in Ether futures open interest mean?

Open interest measures the total value of active futures contracts. A 25% decline, from US$16.6 billion to US$12.6 billion, suggests traders are reducing leverage and closing positions amid increased market uncertainty.

Why are analysts calling this a deleveraging event?

A deleveraging event occurs when leveraged traders exit positions or are forced out through liquidations. The sharp decline in open interest across exchanges indicates speculative excess has been reduced from the market.

Which exchanges saw the biggest decline in ETH futures activity?

Gate.io recorded the largest drop, with ETH open interest falling 45% from US$4.84 billion to US$2.68 billion. Bybit also saw open interest fall back to levels last seen in April 2025.

Why is Binance's ETH futures market attracting attention?

Unlike several competitors, Binance has maintained relatively stable open interest levels near US$2.76 billion. However, funding rates have turned negative, indicating bearish traders are paying to maintain short positions.

What do negative funding rates signal for Ethereum?

Negative funding rates typically indicate that short sellers are more aggressive than long traders. This suggests bearish sentiment remains elevated despite the broader reduction in leverage across the futures market.

Why are ETH exchange reserves falling?

Nearly 480,000 ETH has been withdrawn from Binance, OKX, Gemini and Bitfinex in recent days. Exchange outflows often suggest investors are moving assets into self-custody or long-term storage rather than preparing to sell.

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ETH futures unwind puts $1,500 support in focus

Written by Mahathir BayenaPublished Jun 10, 2026, 3:02 AM

Ether's futures market has undergone a significant deleveraging event, with total open interest falling 25% from US$16.6 billion in May to US$12.6 billion as traders reduce risk amid continued market weakness.

Data highlighted by crypto analyst Amr Taha showed the sharpest decline on Gate.io, where ETH futures open interest fell 45% to US$2.68 billion, while Bybit also returned to levels last seen in April 2025.

The reduction in leverage comes as funding rates on Binance have turned negative, suggesting short sellers are paying a premium to maintain bearish positions despite the broader reset across derivatives markets.

At the same time, exchange reserves have continued to decline, with nearly 480,000 ETH leaving Binance, OKX, Gemini and Bitfinex over recent days.

Binance's ETH holdings fell from 3.87 million ETH to 3.65 million ETH between June 4 and June 9, while OKX recorded the largest percentage decline as reserves dropped from 424,000 ETH to around 336,000 ETH.

Analysts note that sustained exchange outflows can reduce immediately available selling supply, potentially supporting prices if demand begins to recover.

Attention is now focused on the US$1,500 level, which several market observers view as a critical long-term support zone, with some warning that a decisive break below that threshold could expose Ether to a deeper decline towards the next major support area near US$1,000.

At the time of reporting, Ethereum price was $1,621.85.

ETH futures unwind puts $1,500 support in focus

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