As Ethereum (ETH) prices remain near the 2026 low range, leveraged long positions are increasing in the futures market.

Cointelegraph reported on June 11 that Binance’s ether futures open interest hit a record 3.7 million ETH, and Binance’s share of the overall ether futures market rose above 44 percent.

The key point is that participation in futures is growing faster than spot demand. Ethereum is down 44 percent so far this year, but traders are betting on a rebound near the lows. Crypto analyst Darkfost pointed to improved ether futures activity despite rising uncertainty amid geopolitical tensions and weakening economic conditions.

Buying sentiment also showed some signs of recovery. Binance’s weekly average taker buy-sell ratio rose to 1.0 from 0.95 after an extended period of seller dominance. A figure near 1.0 means a market previously marked by selling pressure has moved closer to balance.

This trend was not limited to Binance. The taker buy-sell ratio across exchanges also climbed to 1.0 from 0.94 over the past 2 weeks. This is read as a sign that buyer participation in market orders has become more active than before.

Still, signs of overheating in the futures market also appeared. Binance’s perpetual futures-to-spot volume imbalance indicator rose to about 0.90, nearing a record high. The 30-day Z-score stood at 2.53. Perpetual futures volume was about 5.57 million ETH, while spot volume was about 290,000 ETH. This means leveraged trading is expanding far faster than the spot market.

Position changes differed by exchange. Market analyst Amar Taha focused on the difference between Binance and Gate.io. Binance’s 30-day open interest increased by 616,400 ETH, the strongest rise since 2019. Over the same period, Gate.io fell by 631,700 ETH. This can be seen as funds and positions concentrating on some exchanges.

If prices rebound, liquidation zones are also clear. The liquidation heatmap shows about $8 billion in short positions clustered between $2,200 and $2,400. If Ethereum gains upward momentum, this zone could act as a key liquidity area.

In the short term, leverage is excessive on both sides. Below the current price of $1,500, there is about $1.72 billion in cumulative long liquidation volume. Around $1,800, about $1.9 billion in short liquidation exposure is concentrated. The narrow gap between the two zones means both bullish and bearish positions carry large liquidation risks.

In this situation, the market’s next key question is whether spot demand can follow the optimism in the futures market. The indicators suggest buyer participation is returning, but expanding leverage alone is not enough for a sustained rebound. If support near $1,500 weakens, downside liquidations could expand first. Ultimately, whether Ethereum rebounds appears to depend on whether rising futures positions translate into actual buying and which side hits the liquidation zones first.

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