Binance's ETH contract open interest share rises to nearly 49%, hitting a new high since 2023.

BlockBeats news, October 12: Crypto market analyst Darkfost posted that although Ethereum recently fell from $2,775 to around $2,500, a drop of nearly 10%, and the notional value of Binance ETH futures open interest decreased by about $600 million during the same period, the open interest measured in ETH still rebounded to late-September levels, at about 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 ETH futures open interest among major centralized exchanges instead rose to nearly 49%, a new high since 2023.

Darkfost pointed out that this means that despite the ETH price pullback and the liquidation of some leveraged positions, the amount of ETH traders have committed in Binance's futures market has not significantly decreased, and Binance's dominance in the ETH derivatives market has further increased.