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Ethereum open interest jumps 11.6% as leverage piles into ETH

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What wiped out $1.7 billion?

ETH derivatives open interest jumps 11.59% in 24 hours to $34.165B, with Binance, Gate, Bybit and OKX carrying most of the leverage as traders pile into Ethereum.

Summary

  • ETH total derivatives open interest jumps 11.59% in 24 hours to $34.165 billion.
  • Binance leads with $7.416 billion in ETH OI, followed by Gate, Bybit and OKX.
  • Surge echoes March’s leveraged build‑up that pushed ETH OI above $30 billion.

Ethereum’s derivatives market has lit up again, with total ETH contract open interest jumping 11.59% in the past 24 hours to $34.165 billion as traders add fresh leverage across major venues.

According to Coinglass data, Binance accounts for roughly $7.416 billion of that exposure, while OKX holds $1.943 billion, Bybit $2.331 billion and Gate $4.36 billion, underscoring how concentrated ETH risk remains on a handful of centralized exchanges.

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The move comes as ETH trades above $2,300, extending a derivatives‑driven upswing that previously saw open interest climb about 9% in a day to more than $30 billion in March, as detailed in a crypto.news story on Ethereum’s earlier leverage spike.

Derivatives tracker Coinglass, which aggregates futures and perpetual positions across venues, shows ETH open interest rising from around $30.6 billion to $34.165 billion over 24 hours, indicating a sharp increase in capital betting on Ethereum’s next leg.

In March, open interest swelled by nearly 9% in a day to roughly $30.4 billion as ETH climbed above $2,180, with Binance, Gate, Bybit and OKX holding most of the risk and raising “spillover” concerns if one venue suffered a squeeze or outage, according to a previous crypto.news story.

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More recently, Ethereum derivatives open interest has also shown its capacity to move in reverse, dropping 5.62% in one 24‑hour window to $27.119 billion during a leverage flush that forced traders to close or liquidate positions, as covered in another crypto.news story on ETH risk reduction.

The latest 11.59% jump suggests traders are once again crowding into ETH futures, a pattern that can amplify both rallies and drawdowns when funding turns or liquidations cascade through the order books.

At the same time, exchange‑level data shows Binance, OKX, Bybit and Gate continuing to dominate crypto derivatives, with Binance and OKX controlling a combined 53.3% of global derivatives market share and Gate ranking third by open interest at $8.68 billion across assets, according to recent derivatives statistics.

As Ethereum’s leverage build‑up accelerates, traders watching ETH’s spot price on the Ethereum market‑cap page, as well as Bitcoin and other majors on their respective price pages, will be gauging whether the derivatives market is setting up a sustainable grind higher or yet another sharp liquidations event.

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Crypto World

SocGen-FORGE Brings MiCA-compliant USD Stablecoin to MetaMask

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Cryptocurrencies, France, Europe, Adoption, Stablecoin, MiCA, MetaMask

Societe Generale-FORGE, the digital asset arm of French banking giant Societe Generale, has integrated its Markets in Crypto Assets Regulation (MiCA)-compliant USD CoinVertible (USDCV) stablecoin into MetaMask, giving the wallet’s millions of users access to a regulated dollar token issued by a major European bank.

The company said in a release on Wednesday that under the partnership with Consensys, USDCV, which is backed by cash and cash-equivalent reserves and issued under French electronic money regulations, will be surfaced in MetaMask on mobile and web. The token is redeemable 1:1 in dollars and will be made available for functions including trading, decentralized finance interaction and fiat on-ramping, with Transak serving as the on-ramp provider.

The move expands access to one of the few dollar stablecoins issued by a major European bank. It also comes as regulated issuers seek to turn MiCA compliance into a commercial advantage by distributing tokens across widely used crypto platforms. SG-FORGE CEO Jean-Marc Stenger said the MetaMask rollout is intended to broaden access to compliant digital assets.

Under the European Union’s new framework, a growing but still relatively small pool of approved stablecoin issuers, with around 10 entities authorized so far, is competing for market share, making integrations with wallets like MetaMask increasingly important.

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Consensys CEO Joseph Lubin said in the release that stablecoins are becoming a more important part of digital financial infrastructure.

Cryptocurrencies, France, Europe, Adoption, Stablecoin, MiCA, MetaMask
Societe Generale -FORGE partners with Consensys for MetaMask integration. Source: Societe Generale-FORGE

Cointelegraph reached out to Societe Generale-FORGE and Consensys for comment but had not received a response by publication.

Related: ECB backs tokenized EU capital markets with strict guardrails

SG-FORGE expands multichain stablecoin strategy

SG-FORGE also issues EUR CoinVertible, a MiCA-compliant euro stablecoin first launched on Ethereum (ETH) in 2023. The token has since expanded as part of a multichain strategy to Solana, the XRP Ledger and Stellar, while USDCV is available on Ethereum and Solana and listed through several exchanges and partners, according to SG-FORGE.

The euro-denominated token has been part of broader efforts by Societe Generale-FORGE to test tokenized financial infrastructure, including participation in experiments involving tokenized bonds and settlement through blockchain networks.

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