The combined Open Interest of the top altcoins has seen recovery recently, with Ethereum contributing to the largest part of the swing.
When the value of the metric rises, it means investors are opening up fresh positions on the market. Such a trend can be a sign that speculative interest in the coin is going up. On the other hand, the indicator registering a drop suggests the holders are either pivoting to de-risking or getting forcibly liquidated by their platform.
Now, here is the chart shared by Glassnode that shows the trend in the Futures Open Interest for Ethereum, Solana, XRP, and Dogecoin over the last few months:
As displayed in the above graph, the combined Futures Open Interest for these top altcoins hit a high of $45 billion last week, but speculative interest cooled off, and the metric witnessed a decline.
This week, the traders appear to be back in full force as the indicator has almost fully recovered, reaching the $44.5 billion mark following a sharp rebound. It’s also visible in the chart that Ethereum sawthe largest part of the swing, while Solana and XRP were more stable. Dogecoin more or less avoided the rollercoaster entirely with a nearly flat trend.
As Glassnode has highlighted in the chart, the Ethereum Perpetual Futures Volume dominance has recently overtaken Bitcoin’s for the first time since the 2022 cycle low. “This shift confirms a meaningful rotation of speculative interest toward the altcoin sector,” notes the analytics firm.
Bitcoin has continued its recent trend of sideways movement as its price is still trading around the $118,900 level.
