Binance ETH contract positions account for nearly 49%, reaching a new high since 2023

Cryptocurrency market analyst Darkfost stated that although Ethereum recently fell from $2775 to around $2500, a decline of nearly 10%, the nominal value of Binance ETH futures open interest decreased by about $600 million during the same period. However, in terms of ETH quantity, the open interest size has still rebounded to the level at the end of September, approximately 2.46 million ETH.

Between October 8 and 9, the market liquidated about $345 million in ETH long positions within 24 hours. However, Binance's share of open interest in ETH contracts on major centralized trading platforms actually rose to nearly 49%, reaching a new high since 2023. Darkfost pointed out that this means that despite the pullback in ETH prices and some leveraged positions being liquidated, the amount of ETH that traders are putting into the Binance futures market has not significantly decreased, further enhancing Binance's dominance in the ETH derivatives market.