[Analysis: Binance ETH Open Interest in USD Halved from Last Year's Peak, But ETH Price Near Peak] CryptoQuant analyst BaykusCharts wrote that Binance's Ethereum open interest is currently around $5.8 billion, about half of last summer's peak of over $12 billion. On the surface, this appears to be large-scale deleveraging, but the open interest is denominated in USD, while the ETH price has also fallen by about half during the same period. Converted to ETH, the current open interest is approximately 2.5 million ETH, close to the peak value of around 2.5 million ETH. Therefore, the decline is primarily driven by price rather than traders closing positions. Regarding funding rates, the significant positive premiums of 2021 and early 2024 have disappeared. After several periods of negative funding rates this year, they are currently only slightly above zero, indicating that neither long nor short positions are overly crowded, and longs are not paying a significant premium. The analysis suggests that the market still has a large amount of leveraged ETH exposure, but lacks strong directional confidence.