#etherreum #SupplyZone $ETH

Ethereum price today: $3,600

Ethereum CME open interest growth reaches new all-time high.

Ethereum USDT supply sees its highest monthly growth of 27% in November.

ETH could extend its rally to test its yearly high resistance of $4,093 after surging above a key descending trendline.

Ethereum (ETH) is trading near the $3,600 level on Friday and could stage a rally to test its yearly high resistance of $4,093. The rally is fueled by ETH Chicago Mercantile Exchange (CME) open interest growth and a rise in USDT supply on the Main chain.

ETH CME reaches new milestone, USDT supply on Ethereum surged by 27% in November

Ethereum CME futures open interest (OI) has been at elevated levels since the US presidential elections, rising alongside ETH in the past week.

In the past week, the ETH CME OI crossed $2.8 billion for the first time ever, indicating high interest among US traders in the top altcoin. The heightened bullish sentiment also sent ETH's CME futures premium as high as 14%.

Similarly, Ethereum ETFs have maintained a bullish momentum, recording net inflows of nearly $225 million in the past four trading days.

A potential reason for the concurrent growth in ETH ETFs and CME open interest could be investors capitalizing on the high ETH futures premium by leveraging the so-called "cash and carry trade" as a yield-bearing strategy.

This involves buying ETH on the spot market — often via ETFs — and shorting the equivalent on derivatives exchanges to achieve delta neutrality. In turn, the investor earn yield from the funding fees that short traders receive due to the high premium on ETH futures.

Meanwhile, on Friday, Tether minted another 1 billion USDT on the Ethereum blockchain. This follows a massive growth in the total USDT supply on Ethereum, rising by over 27% to $70.2 billion in November — its highest monthly percentage growth since 2021. As a result, Ethereum has flipped Tron for the first time since 2022 as the blockchain network with the largest USDT supply.