Ethereum $ETH Exceeds $3,600, Open Interest Hits High
Ethereum (ETH) has surged 15% in the past week, breaking above $3,600 for the first time in five months. The rapid rally coincided with a record high open interest in Ethereum futures, which hit $22 billion on November 27. That's up 23% from October.
Interestingly, the last time Ethereum futures open interest reached such levels was when the asset was trading above $4,000 in May 2024. At that time, the same figure was $14 billion.
Despite the optimism, analysts remind us that increased open interest indicates growing investor activity, but does not necessarily indicate a bullish sentiment, since derivatives markets are balancing both long and short positions.
At the same time, the positive dynamics of the Ethereum rate are supported by the performance of spot ETH-ETFs. Over the past 24 hours, more than $90 million has been invested in the funds, as a result of which the total net inflow of funds has exceeded $240 million since their launch.
Experts believe that the growth of Ethereum could trigger a larger rally in altcoins.
