ETH futures open interest jumps 26% to $25.4B, leverage builds

ETH futures open interest jumped 26% to $25.4B, per Coinglass. ETH traded in the $2,356–$2,395 range during the move.

A surge in open interest signals fresh leveraged capital. It doesn’t show direction. It raises both upside momentum and downside liquidation risk. Coinglass

Source: Coinglass

Risk is concentrated on a few venues. Binance holds $7.416B of ETH OI (~29%), Gate $4.36B, Bybit $2.331B, OKX $1.943B. These four account for ~53.3% of global ETH futures share. Coinglass

Price remains capped near $2,400 resistance on charts. A clean break can force shorts; a rejection can stress long leverage. TradingView

Flow signals are mixed. Prior analysis highlighted elevated odds of a structural drop toward $1,500 if supports fail. Coinspeaker analysis Whales have been accumulating and tactically distributing spot, which can dampen rallies even as futures build. Coinspeaker whale activity

Source: TradingView

Bottom line: the 26% OI increase is a measurable leverage build-up. Resolution hinges on spot inflows and network activity in the next weeks. Coinspeaker