Ether (ETH) has been on a rollercoaster, surging 15% to flirt with $3,500 for the first time in four months. đ Traders are buzzing about the record-high futures open interest, which jumped 23% to $22 billion. But don't break out the champagne just yetâthis isn't necessarily a bullish stampede.
- Binance, Bybit, and OKX are leading the ETH futures charge, but CME is sneaking up with $2.5 billion, hinting at growing institutional interest.
- Despite the hype, strategies like cash and carry are driving demand, not just bullish bets.
- Retail "degens" beware: high leverage can lead to liquidation woes, as $163 million was wiped out recently.
Stay savvy, folks!
