Binance has reported unprecedented Ethereum derivatives activity, with open interest reaching an all-time high of $8.7 billion. This milestone represents nearly 3.5 times the $2.5 billion peak observed during the 2021 bull market.
Market analysts interpret this surge as strong bullish momentum despite ongoing price consolidation. ETH currently trades between technical support at $3,380 and resistance near $3,874, with potential for upward movement toward $4,000 if resistance levels break.
Supporting the derivatives surge, Ethereum spot trading volume recorded significant growth, increasing approximately 45% to surpass $28 billion over the reporting period. Concurrently, aggregated open interest across cryptocurrency exchanges climbed to $48.26 billion.
While short-term indicators like momentum and MACD show modest decline, market structure remains fundamentally constructive. Strong support levels hold steady as the market processes renewed institutional interest in ETH derivative products.