Ethereum open interest rises to $30 billion

Open interest in Ethereum futures has risen again to $30 billion, for the first time since October 2025. That corresponds to nearly 12 million ETH in outstanding positions. At the same time, Ethereum is trading around $2.750, up 1.3% over the past 24 hours. The long/short ratio shows that traders are currently clearly betting more on further price gains.

Ethereum is available at OKX and Bybit.

In brief:

• Open interest in Ethereum futures reaches $30 billion, its highest point in nearly a year.
• The long/short ratio stands at 1.54, pointing to a clear predominance of long positions.
• In the event of a price decline, more positions would be liquidated than in the event of a further rise.

Open interest reaches highest level in nearly a year

Open interest in Ethereum futures, the total value of outstanding contracts, has grown to $30 billion. That is the highest level since October 2025, according to data from Alphractal. In terms of the number of coins, this involves nearly 12 million ETH in open positions.

The increase coincides with a recovery in the Ethereum price towards $2.750. ETH withdrawals from Binance recently reached their highest level in three years, which also points to growing interest in the market.

Long positions dominate, risk is on the downside

Across five major exchanges, Binance, Bybit, Bitget, HTX and Gate, the average long/short ratio currently stands at 1.54. This means there are considerably more long positions outstanding than short positions. Traders therefore predominantly expect the Ethereum price to rise further.

This composition has implications for liquidation risk. Because long positions dominate, a price decline would force more traders to close their positions than a further rise would. A downward move could therefore be more severe than an upward one, in which liquidation pressure remains relatively limited. How open interest develops further depends in part on whether the price can hold current levels.