Ethereum, the second-largest cryptocurrency by market capitalization, has set a brand new file in open curiosity.
Ethereum (ETH) open curiosity on CME Futures has reached an all-time excessive of $7.85 billion, in response to Maartunn, a group analyst at on-chain analytics platform CryptoQuant.
ETH Open Curiosity on CME Futures hits ATH by $7.85B 🐱🏍 pic.twitter.com/Vg7oFnfrOd
— Maartunn (@JA_Maartun) July 26, 2025
Open curiosity refers back to the complete variety of excellent futures contracts that haven’t but been settled.
Ethereum open curiosity dominance has elevated, reaching its highest stage since April 2023, indicating a big shift available in the market’s focus.
In response to Glassnode, Ethereum perpetual quantity dominance has surpassed Bitcoin for the primary time for the reason that 2022 cycle low, representing the biggest quantity skew in Ethereum’s favor on file.
The mixed open curiosity throughout the highest altcoins (Ethereum, Solana, XRP and Doge) has elevated considerably for the reason that starting of July, rising from $26 billion to a staggering $44 billion. This steep improve in futures leverage implies a particular escalation in speculative exercise, as merchants open extra leveraged positions.
Elevated leverage will increase each upside and draw back volatility, contributing to a extra reactive and fragile market surroundings.
ETH worth subsequent?
Ethereum just lately traded at $3,743 and decisively broke by means of many key on-chain resistance ranges.
On what comes subsequent, the +1 customary deviation vary of Ethereum’s Energetic Realized Worth supplied by Glassnode could present perception into potential upside targets for the ETH rally.
At present, the +1σ threshold is at $4,500, which is taken into account an overheated zone contemplating present market circumstances. This worth band has already served as a resistance stage within the present cycle in March 2024, in addition to throughout the earlier 2020/2021 cycle.
Because of this, $4,500 may be highlighted as an important goal to watch on the upside, significantly if Ethereum’s advance continues. If this stage is surpassed, Ethereum will purpose for its present all-time excessive of $4,891, which was reached in November 2021.
