Ethereum open interest has fluctuated wildly through the last few months as the market had been under the control of sellers. Ethereum especially suffered after crashing from $4,000 to below $2,000 in the space of four months. During this time, the Bitcoin price has remained close to its all-time high, highlighting ETH’s underperformance during this time.
Ethereum Open Interest Falls To November 2024 Levels
Currently, the Ethereum open interest has fallen below $20 billion again, representing the lack of interest that has plagued the second-largest cryptocurrency over the last few months. This is the result of a steady decline since December 2024, following the Ethereum price crash of over 50% so far.
An interesting fact about the open interest now is the fact that it has now fallen back to levels where it was back in November 2024. This was the time period when the ETH price was rising and eventually hit a 3-year peak of $4,000. This could suggest that the Ethereum price could see a recovery soon in the same vein. However, the differences in circumstances do not exactly scream bullish, though, as bears are more in control than bulls at this point.
The open interest had climbed above $32 billion toward the end of January 2025, as shown on Coinglass. Since then though, it has continually crashed, making its way down with the ETH price. However, this could end up being good news for the cryptocurrency.
Usually, during times of low interest is when a reversal begins, as has been shown times without number. As such, with interest in Ethereum so low, it is possible that this is where the altcoin begins to register a bottom and start moving upward again.
ETH Whales Returning To The Table Or Leaving?
Ethereum whale transactions have continued to fall, and over the last seven days, there have been a notable decline . According to data from IntoTheBlock, the month of May started out especially bearish with less than 3,000 transactions carrying $100,000 or more worth of ETH by May 3-4. This follows the lack of interest that has been seen in the open interest as well.
Profitability has also declined notably during this time. Where a whopping 91% of all Bitcoin holders are currently sitting in profit, the majority of Ethereum investors are nursing losses at 52%. This leaves only 42% of holders seeing a profit, and 7% sitting at breakeven. This figure could decline further if Ethereum fails to recover and falls toward $1,500.
Chart from TradingView.com
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