Ethereum’s open interest fell to its lowest level in four months, hovering around $23.3 billion across crypto exchanges, according to CoinGlass data. The recorded figure mirrors the lows touched during the capitulation event of February 6, 2026.
The indicator had climbed steadily between March and April, reaching a local average of approximately $33 billion, a period during which ETH’s price rallied from near $1,939 to test a liquidity zone around $2,400. However, open interest peaked in May and collapsed at the start of June, forming a new deleveraging event that pushed Ethereum to year-to-date lows of around $1,511.
Among the factors that may have accelerated the capital outflow from the market is SpaceX’s initial public offering, whose demand exceeded its fundraising target by four times and diverted flows that might otherwise have entered cryptocurrencies. At the same time, Ethereum’s funding rate moved into negative territory for the first time since early May, a signal that traders are willing to pay to maintain short positions. Even so, spot demand has begun to show signs of recovery, driven in part by BlackRock.
Source:Â https://www.coinglass.com/open-interest/ETH
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