💥 \$30B and Climbing: Ethereum Open Interest Shows Surge in Leverage

CryptoQuant analyst Maartunn highlighted on X that Ethereum Open Interest is rising. This metric tracks the total number of ETH derivatives positions across all centralized exchanges, including both long and short bets.

An increase signals that investors are opening more positions, which typically raises market leverage and can amplify price swings. Conversely, a decline suggests traders are closing positions or being liquidated, which generally reduces leverage and stabilizes the market.

Maartunn’s chart reveals Ethereum Open Interest has surged alongside ETH surpassing \$4,400, indicating growing speculation. While not entirely unprecedented, the recent spike is notable.

High-leverage derivatives markets can trigger large-scale liquidations if traders’ bets fail, causing sharp price fluctuations. Following the Open Interest rise, ETH holdings hit a record \$30 billion, suggesting potential for renewed volatility.

CoinGlass reports significant liquidations in the past 24 hours, with Ethereum leading the market at \$140 million in forced closures.

On-chain analytics from Glassnode show that profit-taking, which peaked at \$771 million daily in July, has cooled but is now picking up again, currently around \$553 million per day—still substantial.

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