Ethereum's (ETH) Estimated Leverage Ratio has surged as of late July 2024, indicating a significant increase in market leverage. Concurrently, Bitcoin's (BTC) Open Interest (OI) rose to its current level in mid-March, while ETH's OI increase occurred at the beginning of June.

This trend highlights Ethereum's catch-up, evidenced by its rising leverage ratio and sustained high open interest. The development suggests heightened trading activity and investor interest in ETH, mirroring earlier trends in BTC. This signals a robust and growing interest in the cryptocurrency market, particularly in Ethereum.