ETH market activity breaks records

Ethereum's rise is being mirrored in the derivatives market, where open interest has surged past $24.5 billion – an all-time high. The 24% price rally over the past month appears tightly linked to this build-up, with strong speculative flows supporting the move. Open interest now accounts for around 6.4% of ETH’s circulating supply, and the 90-day correlation between price and open interest stands at 0.96 – a sign that leverage is acting as a powerful accelerant. While the structure remains healthy for now, momentum is clearly building on both spot and derivatives fronts.