Binance Ether Futures Share Reaches Highest Level Since 2023
Binance's share of Ether futures open interest across major centralized exchanges tracked by CryptoQuant climbed to nearly 49%, the highest since 2023. Although Ether's price fell from about $2,775 in late September to roughly $2,500, Binance's ETH-denominated open interest recovered to about 2.46 million ETH. The exchange's dollar open interest dropped by about $600 million, partly because of the lower Ether price, while roughly $345 million in long positions were liquidated on Oct. 8-9.
CryptoQuant-tracked data show Binance's Ether futures open interest share approaching 49%, a level last seen in 2023. Even as Ether slid from roughly $2,775 in late September to about $2,500, Binance's ETH-denominated open interest returned to around 2.46 million ETH, matching late-September levels.
The dollar value of those positions fell by roughly $600 million, partly because Ether's price declined. Between October 8 and 9, about $345 million in Ether longs were liquidated. The metric covers major centralized exchanges only, excluding decentralized venues, and does not prove manipulation.
The concentration of tracked Ether futures positions on Binance could amplify market shocks if the exchange faces outages, margin changes, or forced liquidations. Traders using leverage may be especially exposed, while broader crypto investors could see volatility spill into spot prices and related products. Unresolved European licensing and sustained Ether ETF outflows may also influence confidence, though the effect on everyday users remains indirect and uncertain.