Binance ETH open interest halved in USD terms, ETH price near peak.

CryptoQuant analyst BaykusCharts stated that Binance's ETH open interest is currently around $5.8 billion, roughly half of the peak of $12 billion last summer. Given that the price of ETH has fallen by about half during the same period, open interest in ETH is approximately 2.5 million ETH, close to peak levels, with the decline primarily driven by price. Currently, funding rates are only slightly above zero, indicating that neither long nor short positions are excessively crowded. The market still has significant leveraged ETH exposure, but lacks strong directional confidence.