All-time high: Binance Ethereum perpetual contract open interest approaches 3.7 million ETH

Darkfost posted on Platform X, stating that the open interest of Binance's Ethereum perpetual contract, calculated in ETH, has reached an all-time high, approaching 3.7 million ETH. Meanwhile, Binance's share of the total Ethereum open interest has risen to over 44%. This data occurs after ETH's current price has fallen approximately 67% from its all-time high, entering a deeply oversold zone.

Darkfost stated that although geopolitical tensions between the US and Iran have led to increased market uncertainty and a continuously worsening economic outlook, some traders have chosen to increase their risk exposure in the derivatives market. The weekly average of the active buyer/seller ratio on Binance has risen from 0.95 to 1.0, indicating that after months of seller dominance, capital flows are rebalancing, and more investors are willing to take on risk to rebuild long positions.