ETH Open Interest Sees Dramatic Rise – 3.5x Higher Than 2021 Bull Run Levels
Compared to 2021, Ethereum's current OI shows a significant rise in market speculation and leveraged positions.
Ethereum’s Open Interest (OI) on Binance has surged to a record $8.7 billion, which indicates a significant increase in speculative positioning on the platform.
This represents a dramatic rise compared to the 2021 bull market, when ETH traded at similar price levels but OI on Binance peaked at only $2.5 billion.
Ethereum’s Market Is Heating Up
In its latest analysis, CryptoQuant revealed that the current figure, nearly 3.5 times higher, highlighted the growing appetite for leveraged exposure in Ethereum’s market. Despite this surge in OI, funding rates, interestingly, remain neutral, indicating that traders are not yet heavily biased toward long or short positions.
The lack of directional conviction hints at room for further buildup in positions without triggering immediate liquidation pressures. The increase in OI, paired with neutral funding, paints a picture of cautious but growing speculative interest.
With the broader crypto market trending upward, these conditions may support a steady rally in the leading altcoin’s price, potentially accompanied by increased volatility.
CryptoQuant said that the current setup is a constructive signal, and added that Ethereum has a high chance of continuing its bullish trajectory. The quiet accumulation of leveraged positions on Binance, absent extreme sentiment, may be laying the groundwork for the next phase of price expansion. As traders position themselves, Ethereum could be primed for a sharper move in the near term.
Ethereum Defies Market Outflows
Despite the broader market turbulence last week, Ethereum continued to attract investor interest and secured its 15th straight week of inflows with $133 million. While digital asset investment products saw net outflows of $223 million, the first in 15 weeks, Ethereum stood out for maintaining positive momentum.
The week began with a strong $883 million in inflows but reversed sharply after hawkish signals from the FOMC and strong US economic data. Bitcoin bore the brunt of the risk-off sentiment and lost $404 million.
Still, CoinShares said that the recent correction likely reflects profit-taking, not fading confidence, especially as Ethereum and select altcoins like XRP and Solana remained resilient.
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