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Ethereum loses $2B in open interest as derivatives market sees heavy deleveraging and selling pressure.

Market News
21 Apr 2026
Cointribune
View Source
Bearish
pluang ai news

Ethereum's open interest in derivatives dropped by $2 billion within a week, falling to $12.4 billion, mainly due to heavy deleveraging on Binance and Gate.io, with Gate losing nearly $1.8 billion. The Kelp DAO hack intensified selling pressure, leading to $210 million in ETH liquidations. Despite bearish signals and a majority of traders betting on a short-term price drop, the spot market shows strong accumulation by large holders and ongoing long-term staking, indicating confidence in Ethereum's future. This suggests the market may be moving from capitulation toward consolidation, though an immediate recovery is not guaranteed.

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