Ethereum takes a big hit in derivatives markets: more than $2 billion in open interest disappeared in the space of seven days. Trader sentiment has increased, closed positions are piling up, and yet some more recent signals suggest a possible reversal. So, capitulation in progress or simple consolidation before a rebound?
In brief
- Open interest on ETH fell by $2 billion in a week, falling to $12.4 billion.
- Binance and Gate concentrate most of the deleveraging, with Gate alone losing nearly 1.8 billion.
- The Kelp DAO hack amplified the selling pressure, with up to $210 million worth of ETH being liquidated.
Ethereum under pressure after 2 billion drop on futures contracts
The figures published by Coinglass are clear. In the week of April 14-21, 2026, traders closed over $2 billion in open positions on ETH.
This is not a first: in March, the market suffered an identical contraction. According to Amr Taha, analyst at CryptoQuant, ETH goes through its second capitulation phase in thirty daysa sign that the market weakness is not cyclical.
Binance and Gate find themselves at the heart of this purge. Gate had $4.67 billion outstanding on April 14; it has since fallen to 2.88 billion. Most of the leverage therefore evaporated in less than a week.
This movement goes beyond simple selling pressure: the hack of the Kelp DAO played an aggravating role, with up to $210 million in ETH likely to be liquidated in this context.
THE Coinalyze data reinforce this picture. Around 34% of open positions are currently short, and the funding rate on Binance is at -0.0058%. Concrete translation: a majority of active traders bet on the decline of ETH in the short term.
As for Ethereum's Fear and Greed Index, it shows 53 points, a score officially described as “neutral”. However, behind this neutrality lies a very real caution: most participants prefer to wait for a better entry point rather than expose themselves to a market without clear direction.
The whales have not said their last word
While derivatives bleed, the spot market tells a different story. Over 2,430 wallets, identified as “structural accumulators” by CryptoQuant, continue to purchase ETH relentlessly.
Better yet: holders of more than 100,000 ETH remain in positive territory and showed no signs of panic, even when their positions were temporarily in the red.
ETH also retains its place of choice in DeFi. Despite a slowdown in volumes on decentralized protocols, Ethereum remains the undisputed benchmark for lending and trading on DEXs. It's hard to ignore it.
Even more revealing: more than 2.7 million ETH are currently waiting to be deposited on the Beacon Chain contract for long-term staking. This is not the gesture of an investor who doubts, it is that of an investor who is betting on the long term.
Added to this is a strong signal, reported this week by CryptoQuant analyst Darkfost. The net taker volume on ETH derivatives has just reached +$102 million, its highest buying level since the 2022 bear market.
To measure the extent of the change: this same indicator touched -$568 million during the peak at nearly $5,000 at the end of 2024. The price was rising, but the market was selling. Today, the opposite is starting to take shape.
This reversal does not guarantee an immediate recovery. But he says one thing clear: the selling pressure that stifled every attempt to increase Ether is, finally, starting to let go.
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