Darkfost posted on X platform, stating that the open interest for Ethereum perpetual contracts on Binance has reached an all-time high when denominated in ETH, approaching 3.7 million ETH. Meanwhile, Binance’s share of total Ethereum open interest has risen to over 44%. This data comes after the current price of ETH has fallen approximately 67% from its all-time high, entering a deeply oversold region.
Darkfost noted that despite increased market uncertainty due to US-Iran geopolitical tensions and a continued deterioration in the economic outlook, some traders are choosing to increase their risk exposure in the derivatives market. The weekly average taker buy/sell ratio on Binance has risen from 0.95 to 1.0, indicating that after months of seller dominance, capital flows are rebalancing. More and more investors are willing to take on risk to rebuild long positions.