Ethereum open interest on Binance has surged to $6.58 billion, a nine-month high, as ETH trades above $2,700. The rebound follows months of subdued derivatives activity and coincides with a fresh price breakout for the asset.
Ethereum's open interest on Binance has jumped to its highest level in over nine months, according to data from crypto analytics platform CryptoQuant. The surge tracks a broader breakout in ETH's trading price, and the asset now trades above the key $2,700 mark.
Months of prolonged market volatility had slowed Ethereum futures activity across major exchanges, but the trend has sharply reversed. The resurgence began in late August, when Ethereum's open interest on Binance stood at about $4.8 billion.
As of September 21, that figure has surged to $6.58 billion, marking an increase of about 37% in less than a month. Ethereum has therefore added about $1.78 billion to the amount of outstanding futures contracts over the period.
Open interest represents the total value of active futures and derivatives positions opened on an exchange. Because of this, the 37% increase on Binance shows nearly $2 billion worth of new positions opening in the ETH derivatives market.
This reflects growing participation in the Ethereum ecosystem as sentiment on the asset continues to turn bullish, driving the price breakout. As a result, analysts predict the asset might be on track to hitting $3,000 once again.
Source: CryptoQuant
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