Ethereum futures just hit a new all-time high in open interest, reaching around $35.5 billion as ETH’s spot price climbed to about $4,590. This milestone shows that traders are piling back into leveraged positions, rebuilding momentum across major exchanges.
When leverage builds up like this, markets often see sharper price swings. With positions becoming more concentrated, any significant move in ETH’s price could trigger a cascade of liquidations - pushing prices even higher in a rally or accelerating a drop in a correction.
According to Glassnode, the setup suggests the next big Ethereum move could be much larger than usual.