Ethereum Coin Margined Futures Open Interest on Binance Hits All-Time High, Potentially Signaling Buyer Strength Revival

BlockBeats News, June 11th, Coinglass data shows that the recent Ethereum coin-margined contract open interest on Binance has hit a new all-time high, now exceeding 3.3 million ETH.

In response to this, analyst Darkfost stated that the current market conditions are becoming increasingly difficult to interpret. The ETH price has dropped 67% from its all-time high and is in extremely oversold territory, yet traders are increasing their derivative exposure. On the other hand, the weekly average Taker buy/sell ratio on Binance has risen from 0.95 to 1.0, reflecting a rebalancing of capital flows after months of seller dominance. Darkfost believes this indicates that after the sharp devaluation of Ethereum, traders seem to be gradually returning to the buy side.