Based on Binance ETH open interest 30-day Z-Score data, the structure of the ETH derivatives market has undergone significant changes in recent months. The latest data shows that the total open interest for Ethereum contracts on Binance is approximately $4.26 billion, with a 30-day moving average of about $4.18 billion. The standard deviation during this period is roughly $285.8 million, and the Z-Score is approximately 0.29. This moderate value indicates that open interest is approaching its historical average, and the market is not experiencing excessive leverage.
However, one of the most notable developments in the data is that the 30-day moving average of open interest has fallen to its lowest level since May 2025. This decline reflects a gradual decrease in total positions over the past few months, suggesting a reduction in leverage usage within the market.
Such declines typically occur after periods of high volatility or price corrections, as traders tend to reduce risk and close some positions. At the same time, demand for leverage also weakens. This may also indicate that short-term speculative liquidity is flowing out of the derivatives market or that some traders are adopting more conservative strategies amid increasing market uncertainty.
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