This marks the highest level recorded since April 2023. Historically, only a small fraction of trading days, about 5%, have seen a higher figure.
Open interest measures the total number of unsettled futures contracts in the market. It is often used to assess investor conviction and the intensity behind a trend.
So, the rise in Ethereum’s open interest suggests that more traders are betting on ETH, shifting attention away from Bitcoin.
Meanwhile, this shift isn’t just visible in the open interest of both digital assets.
This marks the largest gap in ETH’s favor, further highlighting a dramatic change in speculative activity.
