The Ether (ETH) futures market saw its open interest (OI) on Gate.io fall by 45% to levels last seen in April 2025. At the same time, nearly 480,000 ETH left Binance, OKX, Gemini and Bitfinex over the past few days, reducing the exchange-held supply. The combined shift highlights a market with less leverage and declining exchange balances, placing greater focus on the $1,500 support zone, which some analysts view as critical to preventing a deeper move toward $1,000. Ether open interest falls across exchangesEther’s futures market has undergone a broad reset during the recent sell-off. Crypto analyst Amr Taha noted that total ETH open interest across exchanges has dropped 25%, to $12.6 billion from $16.6 billion in May, with several major trading platforms now at levels last seen in April 2025.Ether open interest. Source: CryptoQuantGate.io recorded the largest decline. ETH open interest fell to $2.68 billion on June 9 from $4.84 billion on May 7, a drop of about 45%. The figure is now nearly identical to the $2.67 billion level recorded on April 11, 2025.Bybit has followed a similar path. ETH OI currently stands near $805 million, close to the $795 million recorded in early April 2025. The move points to a significant reduction in leveraged positions that accumulated during the latter stages of 2025 and early 2026.ETH open interest on multiple exchanges. Source: CryptoQuantHowever, Binance presents a different picture. ETH open interest remains near $2.76 billion, holding within its recent range. The funding rates have also turned negative on the exchange, with the latest reading near -0.0047, showing short traders are paying a premium to maintain their positions.ETH funding rate on Binance. Source: CryptoQuantThe divergence is notable. Gate.io and Bybit have already seen a major leverage reset. Futures traders on Binance remain active, but the negative funding points to a cautious sentiment. Related: Bitmine boosts Ethereum treasury to 5.54M ETH, nearing 5% supply targetETH supply drop meets key support at $1,500Ether exchange reserves also posted a notable decline in early June. Across Binance, OKX, Gemini and Bitfinex, tracked ETH balances fell by 480,000 ETH over the past few days. ETH multi-exchange reserve. Source: CryptoQuantBinance reserves dropped to 3.65 million ETH on June 9 from 3.87 million ETH on June 4. Bitfinex holdings declined to 2.50 million ETH from 2.67 million ETH at the end of May. OKX recorded the sharpest percentage decline, with reserves falling from 424,000 ETH to about 336,000 ETH. Gemini balances also slipped to roughly 522,000 ETH.Continued ETH outflows could reduce the amount of readily available supply on exchanges if buying demand starts to recover. Onchain data shows many ETH holders are still far from large profits. According to market commentator Gonza Goth, only 11% of Ethereum’s supply is currently sitting at a 3x or greater gain, the lowest level since February 2017. However, Goth said, “Historically, extreme pessimism has created the best opportunities.”ETH: relative supply by profit and loss. Source: GlassnodeMeanwhile, traders are also watching the $1,500 level next. Investor Ash Crypto noted that Ether failed to hold every support level during the 2022 bear market, when the price eventually bottomed near $880. The analyst said a weekly close above $1,500 would keep ETH above a historically important support zone, while a break below it would shift attention toward the next major support area near $1,000.ETH/USD, one-week chart analysis by Ash. Source: XRelated: ETH falls to 13-month low on Zcash bug, Bitcoin below $60K: Is $1.4K next?

Bitcoin’s (BTC) recent performance may be less about crypto market weakness and more about its position at the front of the risk curve. Asset management firm Bitwise said that BTC often acts as a “canary in the macro coal mine,” responding to shifts in liquidity and financial conditions before traditional markets. With equities now showing similar signs of strain, the firm sees Bitcoin’s move as part of a wider risk-off adjustment. Global liquidity and interest rates stay in focus: BitwiseBitwise said that Bitcoin and Ether reached cycle lows of $58,000 and $1,507, respectively, as other global risk assets faced mounting pressure. The Nasdaq recorded its sharpest daily decline of 5% in months, and South Korea’s KOSPI (Korea Composite Stock Price Index), its benchmark stock index, triggered a temporary trading halt after a steep sell-off led by semiconductor stocks.The shift followed stronger-than-expected US labor market data, which reduced expectations for near-term Federal Reserve easing. Higher-for-longer interest rate expectations kept the 10-year US Treasury yields higher and weighed on growth-sensitive assets. The US 10-year yield held near 4.53% on Tuesday after touching 4.68% last month, its highest level in a year.Bitwise pointed to a recurring pattern in which Bitcoin weakens months before equities. Unlike traditional markets, BTC trades continuously and reacts quickly to changes in liquidity conditions.BTC price, NASDAQ, and Global M2 liquidity. Source: Cointelegraph/TradingViewA chart comparing Bitcoin, the Nasdaq, and Global M2 liquidity highlights the divergence. Global M2 has climbed to roughly $122.6 trillion, up steadily over the past year, while Bitcoin has retraced sharply from its $126,000 highs.If Bitcoin is acting as a macro canary, its correction may be telling a different story than a simple risk-off move. BTC has already undergone a significant repricing while global liquidity continues to expand. That leaves open the possibility that Bitcoin is further along in the adjustment process than equities, particularly if liquidity conditions improve later in the cycle. Related: Bitcoin price slips toward $62K local lows as bear-market history keeps repeatingStablecoin reserves signal dry powderOnchain data is offering a different perspective on crypto market liquidity. Independent market analyst Maartunn highlighted that the Stablecoin Supply Ratio (SSR) relative strength index (RSI) has dropped to an oversold reading of 13.Stablecoin supply ratio (SSR) RSI. Source: CryptoQuantThe SSR measures Bitcoin’s market capitalization relative to the market value of major stablecoins such as Tether’s USDt (USDT) and Circle’s USD Coin (USDC). Lower readings indicate larger stablecoin balances relative to Bitcoin’s valuation, pointing to a substantial buying power sitting on the sidelines.Historically, similar SSR RSI readings have appeared near accumulation zones and were followed by periods of stronger price performance once liquidity returned to the market.All stablecoins exchange reserves. Source: CryptoQuantExchange reserve data also points to a sizeable liquidity pool. Combined reserves of major stablecoins on exchanges currently stand near $72 billion, led by $57.7 billion in USDT (USDT) and $12 billion in USDC. The total has eased from late-2025 peaks above $80 billion, though balances remain elevated by historical standards. That leaves a significant amount of capital positioned on exchanges as Bitcoin trades near the lower end of its recent range at $62,000.Related: Bitcoin bottom? These four charts hint at BTC price dropping to $50K

Bitcoin (BTC) hit week-to-date lows at Tuesday’s Wall Street open as analysis put $65,000 as bulls’ level to beat.Key points:Bitcoin needs to revisit $65,000 for bulls to take charge, says new BTC price analysis.Bear market history continues to play out as BTC/USD loses key supports.Iran peace hopes see oil fall below $88 for the first time this month.Bitcoin price copies bear-market history with support lossesData from TradingView tracked 1.2% BTC price downside on the day as sell-side pressure returned ahead of key US inflation data.A double rejection at $64,200 put BTC/USD on course for another test of the key $60,000 support level.BTC/USD one-hour chart. Source: Cointelegraph/TradingViewCommenting, trader and analyst Michaël van de Poppe said that for bulls to gain the upper hand, they would need to crack $65,000.“Bitcoin is stalling beneath $65K as breaking that level would trigger a strong run to $72-74K,” he wrote in one of his latest posts on X. “The $65K support level was the previous level of support after the crash early in February and is now acting as the resistance to break through.”BTC/USD one-day chart. Source: Michaël van de Poppe/XVan de Poppe called into question the validity of Bitcoin’s latest macro lows, which took the market to $59,100 last week.“I don’t think it will take long before the markets will be doing this, as the recent selloff was relatively irrational,” he added.In an update on the bear market, trader and analyst Rekt Capital flagged two more key similarities between current BTC price action and the road to previous cycle lows.BTC/USD, he noted, had lost both its 50-month exponential moving average (EMA) and the support of a triangle construction — just like in 2018 and 2022.“Now Bitcoin needs to fully confirm this breakdown to enter additional Bearish Acceleration to the downside,” he told X followers.BTC/USD one-month chart with 21, 50 EMA. Source: Rekt Capital/XOil falls to June lows on new Iran peace momentumBitcoin once again diverged from US stocks on the day, heading lower while both the S&P 500 and Nasdaq Composite Index opened up by nearly 1%.Related: Bitcoin ‘normal’ 4-year cycle puts focus on $53K low before 2028 BTC price highS&P 500 one-hour chart. Source: Cointelegraph/TradingViewThis helped alleviate an initial drop at the start of the week after Asian markets came under pressure from a tech-stock rout.Oil prices, meanwhile, also fell as hopes of a US-Iran peace deal steadily reemerged.“It’ll be a total victory,” US President Donald Trump said in a telerally for Republican Senator Lindsey Graham on Monday, quoted by Al Jazeera and others. “It’ll happen very soon, and oil prices will come tumbling down.”CFDs on US WTI crude oil one-hour chart. Source: Cointelegraph/TradingViewWTI crude dropped under $88 per barrel, reaching its lowest level since May 29.