ETH Futures Open Interest Collapse
Rising stablecoin dominance and declining futures open interest signal risk aversion and weakening speculative demand for Ethereum
Too little corroboration in the last 3 days to call a trend (2 articles). Watching for it to gain traction.
"Spot Bitcoin ETFs and a wave of corporate Bitcoin treasuries have created sustained, price-insensitive demand that treats Bitcoin as digital gold and a primary reserve asset, a role with no clear Ether equivalent. While Ether has its own ETFs, the institutional narrative around Bitcoin as a macro reserve asset has been far more powerful, channeling the bulk of institutional crypto allocation toward Bitcoin and leaving Ether to compete for a smaller, more speculative pool of capital."
"Ethereum futures open interest on Binance fell to about $4.16 billion, its lowest level in more than three months. Lower open interest may show that traders are closing positions or reducing leverage after recent volatility."