Ethereum futures open interest (OI) has fallen 25 percent over the past month, bringing the $1,500 support level into focus as a key turning point.

On June 9, Cointelegraph reported that ether holdings on major exchanges fell by 480,000 ETH in recent days, putting the market in a phase where reduced leverage and declining spot supply are unfolding at the same time.

The biggest shift has appeared in the futures market. Crypto analyst Amr Taha said total ether open interest across exchanges fell to $12.6 billion from $16.6 billion in May. That suggests the market has broadly reset as a large number of futures positions were closed during the recent sell-off.

Gate.io saw a particularly large drop. Gate.io's ether open interest fell 45 percent to $2.68 billion on June 9 from $4.84 billion on May 7. That is similar to $2.67 billion recorded on April 11, 2025.

Bybit showed a similar trend. Current open interest stands at about $805 million, close to around $795 million seen in early April 2025.

Binance moved differently. Binance's current ether open interest is about $2.76 billion, holding at a relatively recent level. Its funding rate, however, fell to -0.0047, making it more expensive to maintain short positions. That is read as a sign that futures trading remains active, while market sentiment is still tilted toward caution.

Notable changes were also confirmed in the spot market. Ether holdings at Binance, OKX, Gemini and Bitfinex fell by about 480,000 ETH over the past few days. Binance holdings declined to 3.65 million ETH on June 9 from 3.87 million ETH on June 4, and Bitfinex fell to 2.50 million ETH from 2.67 million ETH in late May. OKX dropped from 424,000 ETH to about 336,000 ETH, the biggest decline in percentage terms. Gemini holdings also fell to about 522,000 ETH.

The continued outflow of ether from exchanges could reduce immediately tradable supply if buying demand returns. With spot supply shrinking, some analysis says ether could react more sensitively to supply and demand around $1,500 if excessive leverage in the futures market is cleared.

On-chain indicators show holders' profit conditions remain limited. Market commentator Gonza Goss said only 11 percent of ether supply is in a profit zone of more than three times. That is the lowest level since February 2017 and suggests pressure for large-scale profit-taking may not be strong.

Market attention is ultimately focused on $1,500. Investor Ash Crypto recalled that ether failed to hold all key support levels during the 2022 bear market, with the low forming around $880. He said a weekly close above $1,500 would keep a historically important support zone intact, but if that line breaks, the next major support zone could shift to around $1,000.

The near-term focus therefore splits in two. The key questions are whether further liquidations will continue in the futures market and whether ether leaving exchanges will translate into a real reduction in circulating supply. If the dominance of short positions in Binance's futures market and the decline in holdings at major exchanges continue at the same time, whether $1,500 holds is increasingly likely to determine ether's next direction.