This is wild: in contract $ETH , one exchange is close to holding nearly half of all open positions:
CryptoQuant just shared a chart showing Binance’s share of open interest in ETH perpetuals nearing 49%, its highest level since 2023. ETH has pulled back from over $2,700 to around $2,500. Notional OI is down by about $600 million, but measured in ETH, it’s back to roughly 2.46 million coins. Leverage hasn’t gone away; positions are just more concentrated—and when volatility hits a setup like this, both sides can get blown up at once.
Do you think this is price support or a powder keg? Let’s hear your thoughts in the comments.
CryptoQuant just shared a chart showing Binance’s share of open interest in ETH perpetuals nearing 49%, its highest level since 2023. ETH has pulled back from over $2,700 to around $2,500. Notional OI is down by about $600 million, but measured in ETH, it’s back to roughly 2.46 million coins. Leverage hasn’t gone away; positions are just more concentrated—and when volatility hits a setup like this, both sides can get blown up at once.
Do you think this is price support or a powder keg? Let’s hear your thoughts in the comments.