resilience of the OI despite the weakness of the price

In the first half of 2025, Ethereum went through one of its most challenging phases in the spot market, but the derivatives sector showed surprising resilience.

According to the 2025 semi-annual report by CoinGlass, the open interest (OI) on ETH derivatives has reached record levels, indicating that, despite the price drop, Ethereum remains a strategic asset for professional traders and institutional operators.

In this article, we analyze the numbers, dynamics, and prospects of the Ethereum derivatives market.

OI on the rise for Ethereum (ETH) derivatives: over $30 billion

The open interest on ETH futures exceeded $30 billion in May 2025, a historic record for Ethereum.

CoinGlass highlights that, even in a context of depressed spot prices (ETH has fallen from $3,700 in January to around $2,500 in June), the interest in ETH derivatives has remained robust. This is a sign that operators continue to use ETH derivative instruments for hedging, speculation, or arbitrage strategies.

Binance leads the Ethereum derivatives market

Among the exchanges, Binance has confirmed its leadership in the ETH derivatives market. As of June 1st, the ETH futures contracts open on Binance amounted to approximately 2.354 million ETH, with a value of about $6 billion.

This confirms that, although Ethereum has lost ground compared to Bitcoin in the spot markets, in the derivatives it maintains a fundamental role for retail and professional traders.

Why do derivatives hold while the price drops?

• Coverage: Many investors use futures and options to hedge against further declines in the spot price.
• Arbitrage strategies: Professionals exploit volatility to generate profits regardless of the market direction.
• Speculation on volatility: Ethereum remains a volatile and interesting asset for short-term traders.

Risks and considerations

Despite the resilience of the OI, the ETH sector remains exposed to risks related to:

• Lack of strong catalysts (such as the approval of a spot ETF with staking).
• Increasingly aggressive competition from other chains.
• Possible episodes of mass liquidations in case of excessive leverage.

According to CoinGlass, these factors could limit the upside potential of the OI in the short term.

Ethereum (ETH): prospects for the end of 2025

CoinGlass suggests that, in the second half of 2025, the open interest on ETH derivatives might remain high, but it is unlikely to grow sustainably without new narratives or significant innovations. The approval of spot ETFs with staking would be the most likely catalyst to renew interest in the market.

The first half of 2025 confirmed the resilience of the derivatives market on Ethereum, despite the weakness of the spot price. This demonstrates that ETH maintains a strategic position for professional traders thanks to its liquidity and volatility.

Investors should continue to monitor average leverage and regulatory developments to avoid exposing themselves to excessive risks and seize any opportunities.