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Ethereum price surges 5% as derivatives just lit up and open interest blows past $30b

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Ethereum price surges as derivatives open interest jumped nearly 9% to above $30b, concentrating leverage on Binance, Gate, Bybit and OKX and priming Ethereum for sharper liquidations.

Summary

  • Ethereum derivatives open interest climbed about 9% in 24 hours to roughly $30.4b, tracking Ethereum above $2,180.
  • Binance, Gate, Bybit and OKX now hold most ETH OI, raising spillover risk if one venue sees a funding squeeze or outage.
  • Rising OI with higher prices signals a reflexive setup: further gains could richen funding, while any stall may trigger fast deleveraging.

Ethereum (ETH) derivatives just lit up. Here’s a clean crypto.news-style piece on the ETH open interest story, using $ not “dollar.”

Ethereum price surges 5% as derivatives just lit up and open interest blows past $30b - 1

ETH derivatives open interest has jumped nearly 9% in 24 hours, pushing total ETH contract exposure above $30 billion and underscoring how fast leverage is building behind the latest leg of the rally.

ETH open interest climbs as traders add leverage

According to derivatives tracker Coinglass, total ETH contract open interest has increased by 8.94% over the past 24 hours, with aggregate open interest now at $30.451 billion across major exchanges. Binance leads with $6.593 billion in ETH OI, followed by Gate at $3.875 billion, Bybit at $2.358 billion, and OKX at $2.042 billion. The move comes as ETH trades above $2,180 and tracks Bitcoin’s push into fresh all‑time highs, drawing in both speculative longs and basis traders.

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The pace of growth in ETH open interest mirrors similar spikes seen in late February, when Ethereum derivatives OI rose between 7% and 14% in a single day as traders positioned around key resistance and ETF narratives. Each of those prior expansions in open interest preceded periods of elevated intraday volatility, as crowded positions were tested by relatively small spot flows.

Market structure: more size, more sensitivity

With more than $30 billion now tied up in ETH futures and perpetuals, relatively minor price moves can trigger meaningful liquidation flows. Recent Coinglass data shows that when open interest in ETH contracts has sat in the mid‑20s to high‑20s billions range, subsequent 24–48 hour windows often featured sharp wipe‑outs as funding flipped and over‑levered longs or shorts were forced out.

Exchange concentration also matters. Binance, Gate, Bybit, and OKX have repeatedly accounted for the bulk of ETH derivatives risk in recent months, with Binance alone often carrying more than $5 billion in ETH OI. That clustering means that any sudden funding squeeze, outage, or large liquidation event on one of these venues can spill quickly into spot books and cross‑exchange pricing.

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What traders should watch next

For short‑term ETH traders, the combination of rising open interest and higher spot prices typically signals a more reflexive environment: price drives positioning, and positioning in turn drives price. If ETH continues grinding higher with OI expanding, funding rates and basis are likely to richen, creating both carry opportunities and greater downside risk if the trade becomes too crowded.

If, instead, OI starts to roll over while price stalls or pulls back, that would indicate aggressive deleveraging and could mark a local top or a reset phase similar to prior episodes where ETH contract open interest dropped 4–6% in a day. In both cases, the key tells will be funding, liquidation clusters, and whether open interest continues to climb above the $30 billion mark or snaps back toward the mid‑20s.

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Polymarket rolls out stock and commodity contracts with Pyth price feeds

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Polymarket rolls out stock and commodity contracts with Pyth price feeds

Polymarket has partnered with oracle provider Pyth Network to launch traditional asset markets on its platform.

Summary

  • Polymarket partnered with Pyth Network to introduce equity, commodity, and stock-linked contracts.
  • The new markets include daily up or down and closing price contracts that reset at the end of each trading session.
  • Pyth Network is providing real-time price feeds from trading firms and market makers to serve as the resolution layer for the new contracts.

According to an Apr. 2 announcement, the latest addition brings daily up-or-down and closing price contracts for major equity indexes, alongside commodities such as gold and oil, and US-listed stocks. Outcomes on these contracts are determined using Pyth’s real-time price feeds, and the markets reset at the end of each trading session.

Pyth Network will act as the resolution layer for these markets, replacing manual or exchange-specific references with a standardized data source aggregated from trading firms and market makers.

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Simultaneously, Pyth has launched a data interface called Pyth Terminal, allowing users to track live price feeds and the reference values used to settle markets on Polymarket.

Oracle networks like Pyth bring off-chain data such as prices, foreign exchange rates, and commodities onto blockchains. These feeds are widely used across decentralized finance, prediction markets, and tokenized asset platforms, and have seen growing adoption, including by US government agencies.

PYTH price rallied over 70% after the announcement, while its market capitalization moved past $1 billion.

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The latest products on Polymarket were launched as the platform continues to cement its position as a leading prediction market operator.

Last month, the project secured a $600 million investment from Intercontinental Exchange, the parent company of the New York Stock Exchange, as part of a broader multibillion-dollar commitment.

Meanwhile, Polymarket made investments of its own by acquiring DeFi infrastructure startup Brahma for an undisclosed sum.

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Whale Turns Bearish Ahead of $2 Billion Bitcoin and Ethereum Options Expiry

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A whale accumulated more than 2,000 Bitcoin (BTC) put contracts overnight, targeting a move below $66,000, just as over $2.15 billion in Bitcoin and Ethereum (ETH) options settle on Deribit today, April 3.

The back-to-back repositioning signals that at least one large player sees downside risk in BTC’s current price range, even as call open interest still outnumbers puts across both assets.

Why the Whale Trade Matters

Options analytics platform Greeks.live flagged the position shift on April 2, noting the same whale had closed a profitable long trade hours earlier before pivoting bearish.

Per the analysts, the whale entered a long position at $66,000 and exited above $68,000, booking a confirmed profit.

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Within hours, a trader of comparable size began accumulating put contracts, this time betting on a move lower.

The rapid reversal is notable. A whale exiting a winning trade and immediately loading the opposite direction suggests a view that the $66,000–$68,000 zone is a resistance ceiling, not a launchpad.

Bitcoin Price Performance
Bitcoin Price Performance. Source: TradingView

With BTC trading at $66,575 and its max pain level set at $68,000, the spot price sits $1,425 below the level where options sellers profit most. If BTC fails to close that gap before settlement at 08:00 UTC, the bearish whale’s puts gain value.

The Expiry Data

Bitcoin accounts for $1.84 billion of today’s total notional value, with 27,590 contracts outstanding. Call open interest stands at 17,930 against 9,600 puts, giving a put-to-call ratio of 0.54.

Bitcoin Expiring Options
Bitcoin Expiring Options. Source: Deribit

The call skew still leans bullish in aggregate, but the whale’s 2,000-contract put position adds concentrated downside weight near the $66,000 strike.

Ethereum’s expiry is smaller but similarly structured. With $319.9 million in notional value and 156,083 total contracts, ETH trades at $2,052 against a max pain level of $2,075. Its put-to-call ratio of 0.72 points to heavier downside hedging than BTC’s.

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Ethereum Expiring Options. Source: Deribit

“Yesterday, the whale closed out the two positions on the right side… The whale entered the position at 66K and closed it out above 68K — this trade was a resounding success. Starting late last night, a whale of similar size began buying put options again, with over 2,000 contracts expiring today, targeting a price below 66K,” the analysts stated.

What Comes Next

Options settle at 08:00 UTC on Deribit. The hours leading up to that window typically generate the sharpest gamma hedging activity, pulling prices toward max pain.

For BTC, that means a potential drift toward $68,000 if bulls hold ground, or a break below $66,000 if the whale’s put bet plays out.

The post Whale Turns Bearish Ahead of $2 Billion Bitcoin and Ethereum Options Expiry appeared first on BeInCrypto.

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Bitcoin Supply in Profit and Loss Closer to 2022 Bear Market Levels

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Bitcoin Supply in Profit and Loss Closer to 2022 Bear Market Levels

The amount of Bitcoin supply in profit and loss is now getting closer to levels typical of a bear market, according to a CryptoQuant analyst.

There are currently about 11.2 million Bitcoin (BTC) in profit. The previous bear market recorded 9 million BTC in profit at its lowest point, CryptoQuant analyst “Darkfost” said Thursday. 

CryptoQuant data also shows there are about 8.2 million Bitcoin at a loss, with Glassnode data confirming it’s at levels not seen since late 2022. 

“This is quite significant, considering that during the last bear market this figure reached about 10.6 million BTC,” Darkfost said. 

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Analysts have been debating whether Bitcoin has further to fall this year amid growing global turmoil. Bitcoin metrics that show a movement toward previous cycle lows could suggest that a market bottom is getting closer. 

“This suggests that the market is reaching a notable level of undervaluation, comparable to the conditions observed during the previous bear market,” the analyst added. 

Bitcoin in profit and loss at bear market lows. Source: CryptoQuant 

Analyst sees increasing market stress, not undervaluation 

However, Andri Fauzan Adziima, research lead at the Bitrue exchange, argued the data signals “increasing market stress, not immediate undervaluation.”

True capitulation bottoms saw deeper pain, he told Cointelegraph. The supply in loss in 2022 was greater than 50% and the supply in profit was around 45% or lower, while metrics such as net unrealized profit/loss (NUPL) and market value to realized value ratio (MVRV) were at “extremes.”

“Current data points to early/mid-bear transition (potential structural bottom near $55,000), with more downside or consolidation likely before a full reset.”

Related: Bitcoin’s drawdown is ‘less dramatic’ this cycle, Fidelity says

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Data also shows Bitcoin has declined by about 52% from its all-time high this cycle, much less than previous bear markets, which saw 77% to 84% drawdowns from their cycle highs. 

Strong dollar hampering recovery 

Bitcoin author Timothy Peterson commented on X that Bitcoin “tends to struggle when the dollar is strong, and the Chinese yuan is weak.”

He added that this was due to tighter global liquidity, with higher dollar yields attracting capital into cash and bonds and cautious investor sentiment as China eases policy.

That only changes when US interest rates fall and “dollar yield loses its attractiveness,” which is not likely until the second half of 2026 or more likely 2027, he said. 

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The US dollar index (DXY) has gained about 5% over the past two months, according to TradingView. 

DXY has strengthened since late January. Source: TradingView

Magazine: Your guide to surviving this mini-crypto winter