Ethereum's leverage reaches an all-time high

Ethereum

ETHUSD

is making headlines as the bets supported by financial facilitation and institutional inflows converge. This synergy has pushed the network's futures market to new levels.

Analysts are monitoring Ethereum amid talks of an altcoin summer, with ETH positioned as a potential frontrunner.

According to blockchain analytics firm Glassnode, the open interest for Ethereum futures has reached an all-time high (ATH), surpassing $20 billion, even as the spot price of ETH remains below $2,800.

"The open interest in Ethereum futures (cash-settled) has just reached an all-time high — surpassing $20 billion… Leverage continues to build as traders load contracts using stablecoins," Glassnode wrote in a post.

Glassnode's statements come just two days after CryptoQuant analysts highlighted that the open interest in Ethereum futures had previously peaked at 7.17 million ETH. Thus, this extension indicates a continued appetite for speculative positions.

The general consensus among analysts is that Ethereum may be a clear choice at the moment, with the potential for prevailing narratives around it to continue building as positive sentiment grows.#eth