Binance Ethereum Open Interest Hits Three-Month Low

Ethereum's open interest on Binance has reached its lowest level in over three months, according to data from CryptoQuant.

The current figure stands at approximately $4.16 billion, down significantly from previous highs of over $7 billion seen in earlier months.

This decline in open interest coincides with Ethereum's price hovering around $1,665 and reflects a decrease in participation and speculation within the Ethereum derivatives market.

The data shows that open interest began to drop in early February, as Ethereum's price declined from levels above $3,000 to its current level.

While some recovery attempts were made during March and April, open interest failed to regain momentum and continued to decline gradually.