Ethereum Futures Open Interest Hits Record $41 Billion, Surpassing Bitcoin

Ethereum (ETH) futures open interest (OI) hit a record high (ATH) of $41 billion, overtaking Bitcoin ($BTC).

This increase in open interest indicates traders’ confidence among investors and an increased interest in Ethereum, which suggests a possible bullish trend in the future.

The analysts are now expecting more positive price action, some eyeing a price surge to $3,100 to $4,000.

Record Open Interest Reflects Rising Market Confidence

Ethereum open interest (OI) has witnessed strong growth, hitting an all-time high of $41.66 billion.  This constitutes more than 12% of the total market cap, which shows the high involvement of investors.

The change in open interest in the last 24 hours is 15.06%, which indicates that traders are increasingly taking positions in Ethereum futures as they speculate on its price trend. Growing futures open interest, surpassing Bitcoin, signals a change in market dynamics.

Ethereum Outperforms Bitcoin and Other Layer 1 Blockchains

Ethereum has had an outstanding performance in the last three months, surpassing Bitcoin and other Layer 1 (L1) cryptocurrencies.

As per the current market statistics, ETH has surged 45.96%, leaving far behind Bitcoin, which has risen by 30.44% in the same duration.

Other leading cryptocurrencies, including Solana ($SOL) and Binance Coin ($BNB), are also indicated in the chart as gaining 25.25% and 14.18%, respectively.

Such a display highlights the strength of Ethereum in the market and increasing institutional demand.

The current market performance indicates that the altseason has started, and ETH takes the lead.

Scalable solutions and the growing ecosystem around Ethereum are also attracting more investors to the platform, especially with the drive by Ethereum to Ethereum 2.0 and layer-2 scalability using AggLayer.

Whale Activity and Record Purchases Fuel Bullish Sentiment

Adding to the bullish market outlook, BlackRock has also added $570 million worth of Ethereum to its portfolio over the last two weeks.

This institutional behemoth has been purchasing Ethereum regularly, which is an indication that it is very optimistic about Ethereum in the long term.

Moreover, large institutional investors are not the only ones making moves. A whale investor has just opened a 25x long position on ETH with 11 M.

Such a shift alongside the all-time high futures OI on ETH suggests that the market anticipates considerable price action and higher demand for the asset soon.

Furthermore, the rising price brings an increased risk of a short squeeze. At the moment, there is a record of more than $2.2 billion of short positions built up around the $3,000 level.

This large amount of short positions preconditions a possible price surge in case Ethereum breaks through this key resistance level.

Ethereum Bull Run $ETH Targets $4K with Rising Momentum

Ethereum (ETH) is showing strong bullish momentum, according to market analyst LordOfAlts. The chart reveals a clear upward trend with several positive signals indicating further gains.

The first metric is that ETH has successfully flipped a major resistance area into support. This reversal pattern is a common bullish indication since the price breaking out above a former resistance area signals increased buying pressure and continued upward movement.

The price action above this level indicates that buyers are now in control, reinforcing the bullish sentiment in the market.

Ethereum has been consolidating as of late, which often represents a phase of accumulation before a possible breakout.

The market is indicating a larger move upwards, with the strong movement seen after this consolidation.

The price targets indicate that $ETH may be on the way to further increase to the levels of $3,100, $3,800, and even $4,000, indicating the possibility of a bullish trend.

Ethereum has also regained a market cap of $345 billion, which indicates growing investor confidence.

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