Ethereum’s futures open interest on Binance has been quietly increasing recently and has surpassed $5.5 billion. This level was slightly above the average of the last 30 days. According to the data, it is noteworthy that while investors opened new positions, existing contracts were not closed.
What Does Z-Score Mean in Futures Trading?
Z-Score, one of the important indicators in crypto markets, is also closely monitored in Ethereum futures. Recently, this metric has increased to approximately 0.62. A Z-Score being in the positive zone indicates that it has exceeded the norm over the past 30 days. However, this increase does not yet indicate an extreme situation; rather it means that market participation has increased slightly.
Mini dictionary: Z-Score is a statistical measure that shows how many standard deviations a data is away from the mean and standard deviation. In crypto, it is used to understand whether a particular indicator is above or below its usual level.
During this period, the ETH price remained horizontal around $2,110 for a long time and volatility remained low. The chart shared on CryptoQuant shows that the recent recovery points to a gradual restructuring after the sharp decline at the beginning of 2026.
Comparison with Past Periods
Looking at historical data, in the last months of 2025, when the ETH price was between $ 3,000–3,500, the open position amount was over $ 8 billion. By February 2026, this value dropped to less than 4 billion dollars. The current level of $5.5 billion stands out as an indicator of recovery from the previous decline and a partial return to normality, rather than indicating a completely new enthusiasm.
| Period | ETH Price | Binance Open Position |
|---|---|---|
| End of 2024–Early 2025 | $3,000–$3,500 | $8–12 Billion |
| February 2026 | Not specified | Below $4 Billion |
| May 2026 | $2,110 | $5.5 Billion |
Cautious Course in Market Balance
According to CryptoQuant’s analysis, open positions in ETH futures have gradually increased since March. This is interpreted as a sign of a process in which prices improve and liquidity begins to return to the market. Currently, exceeding the 30-day average reveals that new long or short positions have been added to the market.
Looking at the latest data, the increase in open position going hand in hand with price stability is considered as a sign that stronger movements may occur in the future. However, as the use of high leverage increases and there is no similar inflow from the spot market, attention is drawn to the risk that mass liquidations may occur in case of sudden price movements.
The amount of open interest on Binance is still well behind past cycle peaks. Compared to the $10–12 billion range seen in 2025, the current level of $5.5 billion leaves room for potential increase. The fact that the Z-Score is 0.62 stands out as a new starting signal rather than speculative foam.
