Ethereum leverage falls to 11-month low, ETF outflows continue for 10 days

Ethereum ‘s derivatives market has witnessed a notable decline in leverage, as persistent outflows from institutional products and weak US trading activity weigh on the cryptocurrency’s recovery prospects. Recent data from on-chain analytics provider CryptoQuant indicates that Ethereum’s Estimated Leverage Ratio (ELR) has declined to 0.62. This marks its lowest reading since November 2025, pointing to a reduction in the use of leverage by traders in the ETH market. The Estimated Leverage Ratio is calculated by comparing open interest in derivatives to the amount of an asset held in spot exchange reserves.

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