In a notable shift, the open interest for Ether (ETH) futures on Binance has escalated to a historic high of 3.7 million ETH, representing over 44% of the total market share for Ether futures. This rise occurs despite a substantial 44% decline in ETH's price throughout 2026. Traders are increasing their long positions, indicating a shift in market sentiment as they anticipate a potential rebound for ETH.
Recent data reveals a rise in Binance's weekly average taker buy-sell ratio, which increased to 1.0 from 0.95, signaling a more balanced market after a long period dominated by sellers. This trend is mirrored across all exchanges, where the taker buy-sell ratio also climbed to 1 from 0.94 in the past fortnight, highlighting a growing interest from buyers.
Furthermore, speculative trading in perpetual futures is outpacing spot market activity, with Binance's perp-spot volume imbalance nearing 0.90. In contrast, spot trading remains significantly lower, at about 290,000 ETH, compared to nearly 5.57 million ETH in perpetual futures. Analysts are observing a dichotomy in exchange positioning, as Binance's open interest has surged, while competitors like Gate.io reported a drop of 631,700 ETH during the same timeframe.