Analyst: Ethereum market cap sheds $54 billion in three weeks as derivatives deleverage
- —ETH lost about 15% in price and $54 billion in market cap over three weeks
- —Binance ETH open interest fell $1.3 billion, nearly 20%, to $5.7 billion
- —Total ETH open interest across venues dropped to $11.5 billion
- —A similar OI contraction in July preceded a rally of more than 32%
Why it matters: Derivatives are deleveraging; if July's pattern repeats, a squeeze in open interest could set up an ETH rebound.
Source: PANews