Ethereum’s futures market has achieved a significant milestone, with open interest surpassing $60 billion for the first time.
This record level of outstanding futures contracts underscores substantial market participation and positions being accumulated alongside steady price action.
Supporting the bullish sentiment, analysis shows that over 98% of the total Ethereum supply is currently held in profit, fueling strong underlying market momentum.
Concurrently, the supply of ETH available on exchanges has decreased substantially, falling by 1 million ETH this month, indicating a tightening spot market supply.
Ethereum’s price continues to test key resistance near the $4,000 mark. Technical indicators presently suggest near-term overbought conditions.
Market observers note significant short interest clustered near the $3,980 price level. This concentration heightens the potential for a short squeeze if upside pressure continues, offering a possible catalyst to propel ETH decisively above the $4,000 threshold.