For the last week Ethereum (ETH) surged 15% to break $3600 for the first time in five months. The rapid rally coincided with record-high open interest in ether futures, which reached $27 billion on November 22, up 23% from October.
ETH rate for the week
Interestingly, the last time open interest in Ethereum futures reached such levels was when the asset was trading above $4000 in May 2024. At that time, the same figure was $14 billion.
Despite the optimism, analysts remind us that increased open interest is a sign of growing investor activity, but does not necessarily indicate bullish sentiment as derivatives markets balance out both long and short positions.
At the same time, the positive dynamics of the exchange rate Ethereum support ETH spot performance ETF The funds have seen more than $90 million in inflows in the past 240 hours, bringing their combined net inflow to more than $XNUMX million since their launch.
Experts believe that growth Ethereum could trigger a broader rally in altcoins. Historically, Bitcoin bull markets have been followed by an altcoin season, fueled by Bitcoin's declining dominance and Ethereum's strong performance. Importantly, major altcoins have also seen significant gains in the past few days. For example, XRP rose in price by 28% in just one week.
