The investment enthusiasm for Ethereum (ETH) futures products has reached an all-time high, reigniting expectations of price increases. According to the Chicago Mercantile Exchange (CME), Ethereum's open interest has surpassed $7.85 billion (approximately 1.0898 trillion won), reaching its highest level ever.
Open interest refers to the total number of outstanding futures contracts that have not yet been settled. This is an indirect indicator of active investor participation in the market, showing how aggressively investors are maintaining their positions in a particular asset. This record was particularly notable after being revealed by community analyst 'Maartunn' from the on-chain analysis platform CryptoQuant.
Moreover, Ethereum's market share is also rising noticeably. With the highest open interest rate since April 2023, analysts suggest that investor attention is once again focusing on Ethereum. In fact, Ethereum's perpetual trading volume, which was once lower than Bitcoin (BTC), has recently surpassed BTC for the first time, proving its strong momentum.
The overall market's leverage utilization is also increasing. The total open interest for futures positions of major altcoins, including Ethereum, Solana (SOL), XRP, and Doge, has surged from $26 billion (approximately 36.14 trillion won) to $44 billion (approximately 61.16 trillion won). This represents a growth of about 70% in less than a month since early July, demonstrating investors' active use of leverage. However, warnings follow that such excessive leverage can cause extreme market volatility in both upward and downward directions.
Currently, Ethereum is trading around $3,743 (approximately 5.2 million won), having broken through major resistance levels. The market data platform glassnode has highlighted the '$4,500 (approximately 6.25 million won)' level, which is '+1 standard deviation of the realized price', as a key level to watch for potential ETH price increases. This price range has repeatedly acted as a major resistance level during the March 2024 and 2021 bull markets.
Industry experts diagnose that if Ethereum breaks through this price range, it is highly likely to initiate an attempt to surpass its all-time high of $4,891 (approximately 6.79 million won) from November 2021. Attention is focused on whether the structural bullish trend will continue in the spot market alongside these strong upward signals in the derivatives market.
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