CryptoQuant: The open interest of Ethereum on Binance has reached a historical high, approaching 3.7 million ETH

According to CryptoQuant analyst Darkfost's post on the X platform, the open interest in Ethereum perpetual contracts on Binance (measured in ETH) has reached an all-time high, nearing 3.7 million ETH. At the same time, Binance's share of the total open interest in Ethereum has risen to over 44%. This data comes after ETH's current price has dropped about 67% from its historical peak and entered an extremely oversold area.

Darkfost stated that despite the rising market uncertainty due to geopolitical tensions between the U.S. and Iran and the continued deterioration of the economic outlook, some traders are choosing to increase their risk exposure in the derivatives market. The average active buyer/seller ratio on Binance has risen from 0.95 to 1, indicating that after months of seller dominance, the flow of funds is rebalancing, and more investors are willing to take on risk to rebuild long positions.