Ether Erases $54 Billion Over Three Weeks as Marketwide Derivatives Open Interest Contracts

Ether has shed roughly $54 billion in market capitalization over the past three weeks, marking an approximate 15% price decline driven by widespread altcoin weakness and derivatives deleveraging. Total market-wide Ether open interest dropped to $11.5 billion, with Binance open interest declining nearly 20%, or $1.3 billion over the past month, to $5.7 billion. Over the same 30-day span, open interest contracted by $995 million on Gate, $857 million on HTX, and $310 million on Bybit. Analysts noted that a comparable leverage flush in July preceded a 32% rebound above $2,800.