The figure marks a notable increase and brings the market close to the $14.6 billion all-time high achieved in March of last year.
The surge reflects a sharp rise in derivative activity as traders position themselves for potential price movements. Options provide a way for investors to gain exposure to Ethereum’s future price swings or hedge against losses while maintaining their ETH holdings.
Significant spikes in open interest are visible at strike prices of $4,000, $5,000, and $6,200, indicating that traders are placing large bullish bets, nearly $2 billion in total, on these levels.
The ongoing rally has spurred traders to lock positions ahead of potential gains, fueling the upward momentum.
