ETH crashes below $2K as futures open interest hits record…

Ether has fallen below $2,000 for the first time since late March, shedding nearly 8% over the past week and more than 5% in the last 24 hours alone. What makes the sell-off particularly striking is that futures open interest has simultaneously surged to a record 16.39 million ETH — roughly $32.5 billion notional — marking three straight days of gains. A rising open interest alongside a falling spot price and a negative OI-adjusted cumulative volume delta points squarely at aggressive leveraged shorting, not neutral positioning.

"More and more people giving up on ETH as it doesn't generate revenue and with higher bond yields the staking yield is unattractive," said Markus Thielen, founder of 10x Research, adding that Bitmine — one of the few remaining consistent spot buyers — has signalled it will slow purchases.

The bearish pressure extends beyond derivatives. U.S.