The open interest in Ethereum on Binance has halved, with nearly $6.4 billion in positions disappearing

According to NewsBTC, the open interest in Ethereum on Binance has been plummeting for more than three consecutive months. It reached a historical high of $12.6 billion on August 22, but has now shrunk by half: nearly $6.4 billion in derivative positions have disappeared, causing the open interest in Ethereum to drop to $6.2 billion, a decline of up to 51%.

The report points out that the open interest is just slightly below the previous historical high of $7.7 billion, indicating the speculative and excessive expansion of the derivatives market set to expire in 2025, and suggesting that Ethereum may be undergoing a more profound structural reset than most people expect.