ETH Open Interest Reaches Record High Amid Price Surge, But Demand for Leveraged Positions Remains Weak
Main Idea
Ethereum's price surged to $4,518, but derivatives data shows weak demand for leveraged bullish positions, raising concerns about sustainability amid competition from layer-1 chains.
Key Points
1. Ethereum's price reached $4,518, a 32% increase, but leveraged long interest remains subdued.
2. ETH futures open interest hit a record $60.8 billion, up from $47 billion the previous week.
3. The ETH perpetual futures annualized premium stands at 11%, indicating neutral market sentiment.
4. Total value locked (TVL) on Ethereum declined by 7% over the past month, signaling reduced network activity.
5. Layer-1 chains are gaining traction among corporations, posing increased competition to Ethereum.
Description
Ethereum (ETH) recently surged to $4,518, but derivatives data indicates weak demand for leveraged bullish positions, raising questions about the sustainability of this rally. ETH open interest reached a record
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