Ethereum open interest in Binance’s ETHUSDT futures contract was 2.27% higher in $ETH on Thursday, Oct. 8, over the last 48 hours, even though its $USDT-denominated value had fallen 6.58%.
Open interest measures outstanding futures exposure. For traders assessing exposure remaining through the price decline, coin quantity separates changes in that exposure from changes in its valuation.
Bitcoin’s futures book provided a different version of the same distinction. Over those matched timestamps, Binance’s BTCUSDT open interest fell 1.45% in $BTC units, compared with a 5.97% decline in $USDT value. Most of that value decline came from repricing under the accounting method used below.
