ETH Futures Open Interest Hits $35.5B as Price Nears High
Ethereum price surged close to its all-time high, fueling a surge in ETH futures open interest, which reached a record $35.5 billion, according to Glassnode. On August 12, the market saw $66 million in short positions liquidated, marking the second-largest single-day short squeeze of the year.
At the same time, ETH options open interest climbed to a 2023 high of $16.1 billion, with call premium spending outpacing puts, signaling paid upside convexity. The combined jump in futures and options activity underscores growing bullish momentum for ETH and hints at potential volatility ahead.
Traders are advised to monitor ETH futures open interest and liquidation events closely, as these can offer clear entry and exit signals. The data suggests that optimism is driving market participants to rebuild leverage, reinforcing the positive outlook for Ethereum’s near-term price action.
Bullish
Record ETH futures open interest and elevated options open interest indicate strong bullish conviction as traders rebuild leverage. The $66 million short squeeze highlights tightening supply and adds momentum to the price rally. While increased leverage may lead to short-term volatility through liquidation events, the consistent growth in futures and options activity signals durable demand for Ethereum longs. Together, these factors underpin a positive outlook for ETH both in the near term and over the longer horizon.