Ethereum Open Interest Resets to April 2025 Levels, Binance Funding Rate Turns Negative

According to CryptoQuant analysis on June 9, Ethereum derivatives positioning has substantially unwound across major exchanges, with Open Interest resetting to levels last seen in April 2025. On Gate.io, ETH Open Interest fell from $4.84 billion on May 7 to $2.68 billion on June 9—a 45% decline in approximately one month. Bybit showed an identical pattern, returning to April 2025 levels around $805 million.

Meanwhile, Binance funding rates turned negative at approximately -0.0038, indicating traders are not paying a premium to hold long exposure. The combination of partial leverage clearing across major venues and negative funding suggests defensive positioning rather than bullish conviction. ETH is trading near $1,670, having broken below key support levels established earlier in 2026.