ETH long positions on the rise after 67% drop from peak, says analyst

As Ethereum (ETH) entered a deeply oversold phase after falling 67% from its all-time high, open interest for the asset on Binance has reached a record 3.7 million ETH, crypto analyst Darkfost reported on X. He explained that traders are expanding their positions amid the price decline, with buying interest returning following the drop. Darkfost noted that Binance holds a market share of over 44% among all exchanges. Additionally, the weekly average Taker Buy/Sell Ratio has increased from 0.95 to 1.0, which he said suggests that market inflows are finding a balance after several months of a seller-dominated environment.