Open interest craters on Gate.io, Bybit
" "Gate.ioとBybitで建玉が急減
" Then: "Open interest on Gate.io fell from $4.84 billion on May 7 to $2.68 billion by June 9 — a 45% reduction in just over a month. That $2.68 billion figure matches the exchange's open interest level from April 11, 2025, erasing roughly a year's worth of growth. Bybit shows a similar pattern: its open interest now sits near $805 million, virtually identical to the $795 million reading from April 9, 2025.
" Translation: "Gate.ioの建玉は5月7日の48.4億ドルから6月9日には26.8億ドルに減少し、わずか1ヶ月強で45%の減少となりました。この26.8億ドルという数字は、同取引所の2025年4月11日の建玉水準に一致し、約1年分の成長を帳消しにしています。Bybitも同様のパターンを示しており、現在の建玉は約8.05億ドルで、2025年4月9日の7.95億ドルとほぼ同じです。
" Note: Dates are given as "May 7" and "June 9" - in Japanese context, we might add "2025" but original doesn't specify year? Actually it says "from May 7 to June 9" and later mentions "April 11, 2025" so the year is 2025. So we should include year for clarity: "5月7日" is ambiguous, but in context it's 2025. I'll add "2025年5月7日" and "2025年6月9日" to be precise. Similarly "April 11, 2025" -> "2025年4月11日". Also "April 9, 2025" -> "2025年4月9日". Next: "The speed of the unwind is notable. Both exchanges saw their open interest decline by roughly 44-45% from local peaks, suggesting a coordinated flush of leveraged longs rather than a gradual deleveraging.
" Translation: "この巻き戻しの速度は注目に値します。両取引所とも、建玉が直近のピークから約44～45%減少しており、段階的なデレバレッジではなく、レバレッジロングの協調的なフラッシュを示唆しています。
" Next: "Binance bucks the trend
" "Binanceはトレンドに逆行
" Then: "Binance, the largest venue by volume, hasn't followed suit. Its Ethereum open interest remains around $2.76 billion — flat compared to prior weeks. But the funding rate on Binance is negative at roughly -0.0038%. A negative funding rate means short positions are paying longs to keep the book balanced. That's defensive positioning, not bullish conviction. It implies traders on the biggest exchange are hedging or betting against a quick recovery, even if they haven't closed their positions.
" Translation: "出来高で最大の取引所であるBinanceは、これに追随していません。同取引所のイーサリアム建玉は約27.6億ドルで、過去数週間と比べて横ばいです。しかし、Binanceの資金調達率は約-0.0038%とマイナスです。マイナスの資金調達率は、ショートポジションがロングに支払って帳尻を合わせていることを意味します。これは防御的なポジショニングであり、強気の確信ではありません。最大の取引所のトレーダーは、ポジションをクローズしていなくても、急回復に対してヘッジしているか、賭けていることを示唆しています。
" Next: "Price levels that matter
" "注目すべき価格水準
" Then: "Ethereum is currently changing hands near $1,670, below the February 2026 lows and beneath all major weekly moving averages (50, 100, and 200-week). The recent low near $1,500 is the most important support level on the weekly chart. A weekly close below that could open the floor to the $1,300-$1,400 region, according to the technical structure.
" Translation: "イーサリアムは現在、約1,670ドルで取引されており、2026年2月の安値と主要な週足移動平均線（50週、100週、200週）すべてを下回っています。直近の安値である約1,500ドルは、週足チャート上で最も重要なサポート水準です。テクニカル構造によれば、週足でこの水準を下回って終値をつけると、1,300～1,400ドル圏への下落が開かれる可能性があります。
" Note: "February 2026 lows" - that's future? Actually article seems to be from 2025? But it says "February 2026 lows" - maybe it's a typo or future reference. We'll keep as is: "2026年2月の安値". Next: "The price action since the rejection from the $4,800 cycle peak has been a textbook sequence of lower highs and lower lows. No reversal pattern has formed yet. Until open interest on exchanges like Bybit and Gate.io shows a bottom — or Binance starts carrying a positive funding rate — the path of least resistance remains down.
" Translation: "4,800ドルのサイクル高値からの
