Ethereum futures open interest sets new record as price nears ATH
The aggregated open interest of Ethereum futures reached an all-time high today, just four months after the overall crypto market's fallback.
According to data from Bybt, Ethereum's futures open interest hit $11.68 billion for the first time, as of 10:00 UTC time.
This shows a sharp resurgance after a big drop. These levels were last seen in mid-May, when the crypto markets were at their highest. When prices dropped, open interest fell too, reaching as low as $4.43 billion in June, according to The Block's Data Dashboard.
The return in open interest comes as the price of ether nears $4,000, not far off its all-time high of $4,300.
Meanwhile, the open interest of bitcoin futures closed at $18.15 billion on Monday and is two-thirds as high as the recent top seen in mid-April. Similarly, BTC's spot price is trading just south of $52,000 — still short of its all-time high of $63,000.Source