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Analysis: ETH Futures Market Shows Bearish Signal, but Staking Demand and BitMine Holding May Limit Downside

2026.06.13 11:27:20

June 13. A bearish signal has emerged in the ETH futures market. Per data, the annualized funding rate for ETH perpetual futures flipped negative on June 5, meaning short traders are paying a premium to hold their positions. ETH has slumped 30% over the past five weeks, yet long traders still aren’t willing to ramp up their risk exposure. Total open interest for ETH futures is down 30% from a month ago, hitting a 13-month low. Adding to the pessimism: U.S. Ethereum spot ETFs saw a net outflow of $323 million in the last two weeks, signaling weak institutional demand. On-chain activity is also under strain. Ethereum’s total value locked (TVL) has fallen 33% to $37.5 billion over the past two months, and May’s DApp revenue dropped 43% compared to the prior six months—typically a sign of slowing network fees and weaker ETH utility demand. But staking demand tells a different story, standing in stark contrast to the derivatives market’s gloom. Right now, the wait time for ETH staking validators is roughly 50 days, with over 2.9 million ETH in the queue. Unstaking, by comparison, has a 0 wait time, and a total of 39.5 million ETH is currently staked on the network. Elsewhere, ETH balances on major exchanges have shrunk from 16.15 million three months ago to 15.05 million, a sign holders are continuing to stack ETH. CoinGecko data notes that BitMine added 337,078 ETH over the last 30 days. The report warns that weak demand for ETH long leverage shouldn’t be taken as a direct sign of a major uptick in downside risk. As long as staking metrics hold steady and spot ETF outflows stay within a reasonable range, ETH’s chance of dropping to $1,500 is slim.
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An abnormal order briefly pushed $SKHX below $930, triggering more than $80M in $SKHX liquidations. Trader 0xc985 was one of the victims. His 2,026 $SKHX ($2.08M) long position was fully liquidated, resulting in a $260K loss.

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