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Analysis: Binance's ETH open contracts priced in USD have halved compared to last year's peak, but the ETH pricing is close to its peak

CryptoQuant analyst BaykusCharts stated that Binance's Ethereum open interest is currently about 5.8 billion USD, which is about half of last summer's peak of over 12 billion USD. On the surface, this looks like large-scale deleveraging, but open interest is denominated in USD, and the ETH price has also dropped by about half during the same period. When converted to ETH, the current open interest is about 2.5 million ETH, close to the peak of about 2.5 million ETH. Therefore, the decline is primarily driven by price rather than traders closing their positions.In terms of funding rates, the significant positive premiums seen in early 2021 and early 2024 have disappeared. After experiencing several periods of negative funding rates this year, it is currently just slightly above zero, with both long and short positions not overly crowded, and longs are not paying significant premiums. Analysis suggests that there is still a large amount of leveraged ETH exposure in the market, but there is a lack of strong directional confidence. This limits the risk of a one-sided liquidation chain reaction, but it also means that any decisive breakthrough in either direction could accelerate quickly. The key signals are: a price increase and a sharp rise in funding rates indicate long crowding; a price decrease and an increase in open interest indicate a growth in short positions.

first_img Robinhood's third-quarter revenue fell short of expectations, with both event contracts and cryptocurrency income increasing month-over-month

The trading platform Robinhood announced its third-quarter financial report, with revenue of $1.42 billion, slightly below Wall Street's expectation of about $1.43 billion; earnings per share were $0.51, lower than the expected $0.55 and also down from $0.61 in the same period last year. Net profit was $476 million, a year-on-year decrease of 14% and a quarter-on-quarter decrease of 17%. This quarter included an unrealized loss of $67 million from Robinhood Ventures Fund I, equivalent to $0.07 per share; adjusted earnings per share were $0.60, a year-on-year decrease of 3%. After the financial report was released, the stock price fell in after-hours trading, closing at about $94.61 on Tuesday, a cumulative decline of about 18% for the year.By business segment, event contract revenue increased from $156 million in the second quarter to $173 million, with customer trading volume reaching a record 16.4 billion contracts, more than seven times that of the same period last year. Cryptocurrency trading revenue rebounded from $100 million in the second quarter to $120 million, but was down 55% from $268 million in the third quarter of 2025; this quarter's cryptocurrency trading volume was $50 billion, a year-on-year decrease of 38%, with $21 billion from in-app and $29 billion from its acquired exchange Bitstamp.Robinhood narrowed its guidance for adjusted operating expenses and equity incentive costs for 2026 to $2.675 billion to $2.75 billion, lowering the previous upper limit of $2.775 billion. A few hours before the financial report was released, the company announced a partnership with Ripple to introduce the stablecoin RLUSD to Robinhood Chain and Bitstamp, with plans to launch it in-app later this year; RLUSD has a market capitalization of over $2.5 billion, and Ripple will also provide fund management software and lending services for Bitstamp traders. Robinhood Chain went live as a Layer 2 network on July 1, generating about $3.13 million in fees within 30 days as of the end of August, surpassing Ethereum and Base.

first_img Crypto.com and OG.com launched U.S. crypto perpetual contracts with up to 5x leverage

Crypto.com and its derivatives partner OG.com began offering crypto perpetual contracts to eligible U.S. traders on Tuesday. The contract offers up to 5x leverage, allowing traders to bet on the price movements of crypto assets without an expiration date, and provides take-profit and stop-loss orders as well as isolated margin features.Crypto.com stated that it has recently registered as an introducing broker with the National Futures Association in the U.S. to offer the aforementioned perpetual contract products. These products operate through OG.com on exchanges, clearinghouses, and futures commission merchants regulated by the Commodity Futures Trading Commission. This launch follows the Commodity Futures Trading Commission's decision in May to open the U.S. market to crypto perpetual contracts.Previously, the agency approved Kalshi's Bitcoin perpetual contracts and provided Coinbase with no-action relief to offer digital commodity derivatives; Kraken launched U.S. perpetual contracts on Kraken Pro in June after acquiring Bitnomial. Crypto.com is also advancing its stock derivatives business, with OG.com’s exchange Nadex registering last month with the Securities and Exchange Commission to trade securities futures. CEO Kris Marszalek stated at that time that the company is working with the Securities and Exchange Commission and the Commodity Futures Trading Commission to offer individual stock perpetual futures.

BlackRock Bond CIO: AI high-quality bonds are more attractive than U.S. Treasuries

According to a report by the Korean News Agency, Rick Reed, Chief Investment Officer of Global Bonds at BlackRock, stated that the scale of debt financing for the recent expansion of artificial intelligence infrastructure is unprecedented, and the related bonds are more attractive than U.S. long-term government bonds. In an interview with Bloomberg Television, he mentioned that the scale of financing in the bond and stock markets is unprecedented, and this is the most attractive investment period he has ever experienced.Rick Reed focuses on high-quality bonds issued for financing GPUs, data centers, and other AI infrastructure, noting that the scale of newly issued corporate bonds is enormous, making interest rate conditions better than before. Although the yield on U.S. 10-year government bonds exceeds 5%, it has been marginalized by other market products, with government bonds being viewed more as a benchmark for measuring the stock market. Investors can purchase short-term single A-rated bonds to obtain an interest rate of about 7%, avoiding the duration risk of long-term government bonds.He also prefers secured bonds issued by high-quality companies or assets that can generate cash flow, believing that the valuations of stocks in the semiconductor and computing sectors are at reasonable levels. Reports indicate that hyperscale data center operators are issuing the largest corporate bonds in history, raising hundreds of billions of dollars, absorbing funds that would have flowed into government bonds, and becoming one of the main reasons for pushing up U.S. government bond yields. The scale of high-quality financing related to AI globally has exceeded $300 billion this year, about three times that of the entire last year.
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