Ethereum Breaks $3,600, Open Interest Hits All-Time High! Is the Altcoin Season Really Here?

Ethereum (ETH) has recently seen a strong upward trend that has ignited market sentiment, rising 15% in the past week and successfully breaking through the critical psychological price level of $3,600, reaching a five-month high! Currently, ETH's price is stabilizing around $3,590, with a 4.68% increase in the past 24 hours, once again sparking investors' expectations for an altcoin rebound.

Key Data:

ETH futures open interest has surpassed a record $22 billion, a 23% increase from last month. The last time open interest reached this level, ETH was trading above $4,000, with open interest at $14 billion, indicating that the market is facing intense leveraged trading.

The Risks of Leveraged Trading Cannot Be Ignored

Despite the bullish market sentiment, analysts caution that the surge in leveraged trading does not necessarily equate to a bullish signal. This is particularly true for retail traders, where excessive leveraged trading (e.g., 20x leverage) poses significant risks. From November 23 to 26 alone, $163 million of ETH long positions were liquidated, highlighting the high risks of the leveraged market. More importantly, despite the substantial increase in ETH prices, the leverage demand from retail traders remains sluggish, with financing rates consistently maintained at neutral levels.

Institutional Funds Flowing In, ETH ETF Boosts

It is worth mentioning that the popularity of the Ethereum ETF has also provided strong support for Ethereum's rise. On November 27 alone, the Ethereum ETF recorded an inflow of $90.1 million, bringing the cumulative net inflow to $240 million since its launch at the end of July. This indicates that institutional investor confidence is building, closely related to the performance of altcoins.

Is the Altcoin Season Really Here?

In the short term, ETH's strong performance may attract more institutional funds, but for retail traders, the high leverage risks in the market still need to be treated with caution. Whether the rebound space for altcoins can be sustained still requires observation of capital flows. Please stay alert and operate flexibly according to market changes!

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