Data shared by the on-chain platform reveals that the Futures Open Interest has risen to $35.5 billion as the spot market pushed past the $4,590 price level. Such a significant figure indicates that traders are becoming more optimistic, as both institutional and individual investors are increasing their leveraged holdings in an attempt to profit on ETH’s surge.
According to Glassnode, leverage has been rebuilt across multiple crypto exchanges in order to prepare for larger moves as positioning focuses. Should the trend extend, ETH’s ongoing rally may continue, possibly reaching its current all-time high.
ETH’s Options Premium is confirming the tilt. Call premiums repeatedly outpaced puts, paying $82 million and $31.5 million on August 8 and August 11, respectively. Glassnode noted that traders are currently paying for upside convexity as ETH goes higher.
