Traders on Binance are holding an increasing number of positions in Ethereum (ETH) futures. The 30-day average open interest has risen to $6.37 billion, the highest level in eight months. This scenario coincided with ETH prices rising to approximately $2700: futures trading has picked up alongside the improved price dynamics.
A CryptoQuant analyst under the pseudonym Arab Chain examined Binance's data on ETH futures contracts. Open interest is the total value of all trades that traders have opened but not yet closed. Currently, the figure stands at about $6.54 billion, significantly exceeding the monthly average. The 30-day Z-score was 0.66, reflecting how much the current value differs from the average, considering the usual range of fluctuations. The standard deviation is around $259.1 million. A result of 0.66 indicates that there are more open positions now than the monthly average, but the figure is far from statistically exceptional levels. According to Arab Chain, the average open interest is growing steadily, not as a short-term spike.
On Binance's spot market, the picture is reversed. The exchange's clients reduced their ETH holdings by approximately $499 million in September, while nearly $537 million was brought into BTC – the only major asset with increased balances. Another risk is associated with ETH supply: the queue of validators exiting staking surged sharply to about 800,000 ETH in early October, the highest since late 2025. Carl Runefelt noted that similar spikes in May and June this year preceded a more than 15% drop in ETH. Unlocked coins may enter the market, and the large volume of open futures positions could amplify price movement through liquidations.
Experts have identified key levels. Ryan Lee, the lead analyst at Bitget Research, considers $2800 the main resistance, with the coin currently trading slightly below it. In his assessment, a breakout would pave the way to $2900-3000, while trading is likely to remain in the $2600-2800 range until then. CoinW CEO Chingiz Nasirov is more optimistic: he sees consolidation above $3000 as a signal for growth to $3200-3500 and names this range as the target for the end of the year. Both experts highlight the outflow of funds from spot Ethereum ETFs.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.