Ethereum (CRYPTO:ETH) traded within a narrow range between $2,880 and $3,000 for most of the week, reflecting subdued short-term price momentum.
Market participants have increasingly focused on derivatives data to assess whether leverage conditions are shifting beneath the surface.
Recent on-chain analysis points to a clear decline in Ethereum open interest across major global exchanges.
Open interest measures the total value of active derivatives contracts that remain open and unsettled.
Rising open interest typically signals increased leveraged participation and growing risk appetite among traders.
Falling open interest, by contrast, indicates position closures and a more cautious stance across the market.
Data from the Ethereum open interest metric covering all exchanges shows a notable contraction in recent sessions.
Total open interest has dropped to approximately $16.9 billion across tracked platforms.
This level marks the lowest aggregate reading recorded since mid-December of last year.
The decline suggests that traders are actively reducing leveraged exposure rather than opening new positions.