Ethereum investors are anticipating an impending rally, but there are ongoing discussions on social media, especially on Twitter, about the loss of mobility of Ethereum’s ether (ETH) token. Despite this, the market is predicting that ETH prices will rise. Traders are turning to Ethereum-based derivatives, while increasing activity on the network supports this expectation.
According to CoinGlass data, total open interest in perpetual and standard futures contracts for Ethereum has reached 6.32 million ETH, surpassing $27 billion. This is a 17% increase since the beginning of the month. The increase in open interest is generally considered a sign of an uptrend, and the price of Ethereum has risen 35% this month to $3,400. Furthermore, the spread between three-month ETH futures and spot prices has widened to 16% annually on offshore exchanges and 14% on the CME. Such high premiums could increase interest in spot ETH ETFs and attract additional capital to the market.
The total value of assets locked in Ethereum-based applications reached $65 billion, the highest level since May 2022. However, the majority of these locked assets are in the three main applications Lido, Aave, and EigenLayer. Lido holds over $32 billion in ether, Aave manages $26 billion in various assets, and the EigenLayer platform stands out with $14 billion in locked assets. In addition, new wallets, transaction volumes, and on-chain activity on the Ethereum network have increased compared to last month, but have not reached the peak levels seen in March. However, this movement has a positive effect on the ETH price.
In the DeFi space, Ethereum has managed to overtake Tron with $60.3 billion USDT. Tron is in second place with $57.94 billion USDT. This achievement by Ethereum is the first since June 2022 and solidifies Ethereum’s dominant role in the DeFi ecosystem.
While Solana continues to attract attention in DeFi activities thanks to its large user base, Ethereum’s institutional adoption and advanced application ecosystem ensure that it remains strong in the long term. Donald Trump’s victory in the US presidential election has created expectations for a new bull run in the DeFi market. The easing of regulatory pressures, especially in the US, could increase demand for ETH and major DeFi tokens. These developments create a positive expectation for Ethereum’s future.
