Ethereum Open Interest Holds Strong at $8.4B

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Despite sellers dominating Binance net taker volume, ETH buyers appear to be absorbing pressure, which has left OI steady.

After a week of choppy price action, Ethereum (ETH) declined by another 1.4% today as it struggles to hold fort near $4,300. The derivatives market, however, is showing resilience despite recent price weakness.

In its latest post, CryptoQuant noted that Binance’s ETH open interest (OI) has continued to hold above $8.4 billion, even after the asset dipped below $4,400 this week. On August 30, open interest was recorded at the $8.4 billion threshold, and while price action has since turned lower, OI has not broken decisively below that level.

Bulls Gearing Up for a Counterattack?
Typically, sharp price declines are accompanied by a proportional drop in OI, which hints at liquidations or broader risk-off sentiment. The current pattern means that traders are maintaining positions, and are possibly anticipating a rebound or showing a lack of conviction in further downside.

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