Ether has been trading below $2,000 for the first time since March 2026, and the derivatives market is responding with a flood of activity that doesn’t quite match the doom on spot charts. Futures open interest surged to a record 16.39 million ETH, roughly $32.5 billion in notional value, as of late May. That’s a lot of conviction in a market that can’t seem to find a floor.
Spot prices have been hovering between $1,620 and $1,690 in mid-June, a painful distance from the peaks above $4,900 that ETH hit in 2025.
The derivatives puzzle
Here’s the thing about record-breaking futures open interest during a price decline: it doesn’t automatically mean everyone is bullish. A surge in open interest alongside falling prices often signals fresh short positions or hedging rather than aggressive long accumulation.
The picture in the CME Ether futures market reflects this ambiguity. Early June contracts were quoted between $1,632 and $1,743, tracking closely with spot but not exactly screaming confidence. CFTC Commitment of Traders data paints a complex positioning landscape across different trader classes, from asset managers to leveraged funds.
