Ethereum (ETH) has once again captured the attention of the cryptocurrency world. According to CoinGlass data, on August 23, the total open interest of ETH futures on major global cryptocurrency exchanges soared to an astonishing $70 billion for the first time. This milestone achievement marks a significant milestone for the second-largest cryptocurrency, ETH, reflecting the growing confidence and participation in the market.
What has driven the unprecedented growth of ETH futures open interest?
The surge in ETH futures open interest is not a coincidence, but a clear signal of increased market activity and strategic positioning by major participants. The leading global exchange Binance accounted for $14.15 billion of this, showcasing its dominant position in the derivatives market.
Following closely is the Chicago Mercantile Exchange (CME), which contributed an impressive $10.27 billion. The joint leadership of native cryptocurrency giants and traditional financial behemoths highlights the widespread interest among investors.
Moreover, this record-breaking futures trading activity perfectly coincides with the historical high that ETH reached earlier that day. Additionally, on August 22, institutional funds continued to flow into the U.S. spot ETH ETF. These factors together propelled the surge of ETH, painting a picture of a robust and mature market.
