Open interest for Ethereum perpetual futures contracts experienced a significant surge, reaching $28 billion within the past week.
This notable increase coincides with the Altcoin Seasonal Index surpassing the key threshold of 50, signaling a period of heightened activity across the broader cryptocurrency market.
The record level of capital committed to Ethereum perpetual contracts is a key indicator of elevated trader engagement and leverage usage in derivatives markets.
The concurrent rise of the Altcoin Seasonal Index above 50 points to renewed investor interest spreading beyond major assets like Bitcoin and Ethereum, indicating growing momentum across alternative cryptocurrencies.
Data analysis firm QCP Asia highlighted these market developments, underlining the current uptick in overall crypto market activity reflected by these metrics.