Ether (ETH) saw a 15% jump from Nov. 20 to Nov. 27, nearing $3,500 for the first time in months. This rise coincided with a record-high in Ether futures open interest, which hit $22 billion, sparking debates about potential bullish sentiment. Major players like Binance, Bybit, and OKX dominate this market, but CME is gaining ground, indicating increased institutional interest.

Despite high leverage demand, this doesn't necessarily mean bullishness. Strategies like cash and carry are popular, balancing the market. Retail traders face risks with high leverage, as seen with $163 million in liquidations recently. Overall, the rise in open interest may reflect institutional hedging rather than outright optimism.