Ethereum Open Interest Hits Record Highs Amid Rising Network Activity, Suggesting Potential Upside Breakout
Main Idea
Ethereum's open interest has reached a record $58 billion, accompanied by rising network activity and stablecoin supply, signaling potential for a breakout above $4,000.
Key Points
1. Ether futures open interest doubled since June 22, reaching $58 billion, surpassing previous peaks when ETH traded near $4,000 in late 2024.
2. Ethereum's network activity increased by 7.2% in 30 days, with monthly transactions up 16% to 43.3 million.
3. Stablecoin supply on Ethereum hit an all-time high of $132.5 billion, indicating increased liquidity.
4. ETH’s open interest dominance climbed to nearly 40%, the highest in over two years, suggesting capital rotation from Bitcoin to Ethereum.
5. Market analysts expect an extended rally for ETH, with $4,000 as a critical level, and emphasize the importance of consolidation below this threshold for healthier upward momentum.
Description
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