Exchange inflows, slumping demand and a 31% drop in Ether futures open interest may signal that another wave of selling could hit ETH.
Ether's (ETH) exchange and derivatives data turned weaker over the past month. Binance recorded net inflows of 57,700 ETH, while futures open interest fell to a year-low of $10.3 billion from $15 billion, and the ratio of leveraged positions retreated sharply from their early June highs.
The combination of rising exchange supply, muted new participation, and declining futures activity has led ETH analysts to forecast another wave of selling pressure below $1,700.
Crypto analyst Pelin Ay noted that roughly 57,700 ETH flowed into Binance on a net basis over the past few days. Large inflows to the exchange often signal potential selling since Binance is one of the most liquid exchanges in the crypto market.
ETH exchange inflows, new depositors and fresh supply. Source: CryptoQuant
At the same time, the number of new ETH depositors is around 320 addresses, well below the levels seen during previous demand surges. The muted participation suggests limited new capital entering the market, leaving recent price stability dependent on existing holders.
The analyst noted that supply growth continues to offer a counterbalance. Daily ETH issuance stands near 2,791 ETH, a relatively low figure since Ethereum’s EIP-1559 upgrade in 2021.
For now, exchange flow data paints a cautious picture. Ay said elevated net inflows raise the risk of another selling wave if Ether approaches resistance levels during any relief rally.
Related: BitMine boosts ETH holdings closer to $10B as bear market accumulation continues
ETH derivatives data have also cooled sharply in recent weeks. Ether futures open interest fell to $10.3 billion on Thursday from $15 billion a month ago, a decline of roughly 31%. The reading marks the lowest aggregate open interest across exchanges since April 2025.
Ether estimated leverage ratio for all exchanges. Source: CryptoQuant
The number of leverage positions has also retreated at a similar pace. The estimated leverage ratio (ELR) dropped to 0.83 from an all-time high of 1.10 on June 2, marking its largest leverage unwind since October 2025, when the metric slid from 0.72 to 0.56.
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