The rally comes amid rising activity in the derivatives market, signaling strong market conviction behind the move.
On-chain data suggests that rising futures interest is driving much of the market’s current enthusiasm. Open interest, which tracks the total number of active futures contracts, now sits at an all-time high. A growing open interest often signals rising confidence in future price moves.
According to the firm, open interest, measured in ETH, has reached an all-time high of 7.17 million ETH, equivalent to around $22 billion on derivative exchanges.
According to Lang, this dominance highlights how professional investors increasingly use structured strategies such as cash-and-carry to gain exposure to the asset.
These numbers reinforce the strong investor demand for ETH exposure amid the digital asset’s improving market fortunes.
