ETH Open Interest Plummets 45%, Sparking Fears of Crash to $1,000

Concerns are rising in the Ethereum market as open interest (OI) on Gate.io has fallen by 45% to levels last seen in April 2025. This decline, combined with a significant reduction in exchange balances, is putting pressure on the $1,500 support zone.

The total ETH open interest across exchanges has dropped 25%, to $12.6 billion from $16.6 billion in May, according to CryptoQuant data. Gate.io recorded the largest decline, with ETH OI falling to $2.68 billion on June 9 from $4.84 billion on May 7.

The market is now watching the $1,500 level closely, as a break below it could shift attention toward the next major support area near $1,000. Historically, Ether has failed to hold every support level during bear markets, and investor Ash Crypto noted that a weekly close above $1,500 would keep ETH above a critical support zone.