Ethereum futures hit new records, possibly signalling a fresh bull run in ETH.
Ether (ETH) surged 15% between Nov. 20 and Nov. 27, flirting with the $3,500 level for the first time in four months. This rally coincided with a record-high Ether futures open interest, raising questions among traders about whether the elevated leverage signals excessive bullish sentiment.
Ether futures aggregate open interest, ETH. Source: CoinGlass
Aggregate open interest in Ether futures climbed 23% in the 30 days leading up to Nov. 27, reaching $22 billion. For context, three months earlier, on Aug. 27, Bitcoin (BTC) futures open interest stood at $31.2 billion. Additionally, when Ether traded above $4,000 on May 13, ETH futures open interest was $14 billion.
