Ethereum has seen open interest in perpetual futures increase across major centralized crypto derivatives exchanges since early February.
The cumulative open interest for ETH futures is now over $10.1 billion, as reported by CoinGlass.
Crypto derivatives exchange Derebit has recorded an all-time high in the total number of outstanding perpetual futures contracts for ether, with open interest exceeding $690 million.
Unlike traditional futures, perpetual contracts do not have an expiration date, allowing traders to maintain positions indefinitely.
The recent surge in open interest indicates a boost in trading activity and interest in ether derivatives, possibly due to speculation, market attention, or hedging strategies related to the cryptocurrency.
This uptrend coincides with anticipations of potential market-moving events, such as the possible approval of a spot Ether ETF by the US Securities and Exchange Commission.
Among other investment firms, Franklin Templeton has recently initiated steps towards launching a spot ether ETF, indicating growing institutional interest.
Additionally, the funding rate for ether perpetual futures on Deribit has risen from 0.00045% to 0.035% since February’s start, signaling an increased demand for long positions.
This shift suggests a bullish sentiment among traders, forecasting a potential price increase for ETH, which recently rose 1.57% to $2,841.
