On November 22, the open interest (OI) volume for $ETH Ethereum futures surged by more than 12%, reaching an ATH of $20.8 billion, signaling a bullish momentum. This was reported by CryptoQuant, as noted by The Block. The metric has grown by more than 40% over the past four months, surpassing the previous peak of $17 billion in May.
The rise in price for the second-largest cryptocurrency by market capitalization is also supported by positive financing rates (0.026%) and record leverage. The latter, expressed as the ratio of OI to exchange reserves, has risen to a new record of 0.4, specialists noted.
CryptoQuant warned of increased credit leverage and the predominance of long positions, which could raise the risk of forced liquidation during price volatility.
On the morning of November 22, the price of the second-largest cryptocurrency exceeded $3400. At the time of writing, the price has retreated below $3300, showing a decline of 1.4% over the last 24 hours.
Recall that on November 15, the daily volume of on-chain value transferred in Ethereum (7 DMA) reached a year-to-date maximum of $7.13 billion. From November 9 to November 15, a record $515.2 million flowed into the ETH-ETF.
