Ethereum Open Interest Surges 10% as $3.18B Floods Into New Positions

Money's pouring into ETH futures like there's no tomorrow—traders just piled another $3.18 billion into open interest, pushing the metric up a solid 10%.

What's driving the action?

Speculation's heating up as Ethereum continues to cement its role as the backbone of decentralized finance and the broader smart contract ecosystem. That kind of volume doesn't lie—or maybe it does, depending on which crypto influencer you last retweeted.

Big moves like this often signal heightened expectations. Whether it’s anticipation of an ETF approval, protocol upgrades, or just good old-fashioned fear of missing out, the market’s placing its bets. Loudly.

Of course, on Wall Street, they’d call this 'building exposure.' In crypto, we call it 'probably over-leveraged and one tweet away from liquidation.' But hey—that’s the game.

Keep one eye on the charts and the other on leverage. Always.

Ethereum Derivatives Signal Historic Momentum

Ethereum’s breakout into new highs is being reinforced by extraordinary action in the derivatives market. According to top analyst Maartunn, at least $3.18 billion in new positions have entered Ethereum derivatives within just 24 hours, pushing Open Interest (OI) up nearly 10%. He described this as “insane stuff,” highlighting the scale and speed at which traders are positioning for the next move.

This surge in OI indicates aggressive speculation, with investors betting on Ethereum’s momentum continuing after breaching its 2021 all-time high. While higher OI often fuels rallies by injecting liquidity, it can also create sharp volatility if leveraged positions unwind. Still, the magnitude of the inflows reflects growing conviction in ETH’s upside potential.

At the same time, Ethereum’s Taker Buy Volume (hourly) has reached a multi-month high of $5.76 billion. This metric, which captures aggressive market buy orders, shows that demand is not just speculative but also immediate. Such strong taker-side activity often coincides with breakout phases, when bulls dominate both spot and derivatives markets.

Price Surges To Retest New Highs

The 4-hour ETH chart shows Ethereum exploding higher, pushing above $4,800 after a sharp breakout from recent consolidation. This surge follows a bounce NEAR the 100-period SMA (green line around $4,298), where bulls defended support aggressively before sending the price into a vertical move.

Ethereum is now retesting its previous all-time high region around $4,860, with momentum signaling strong buying pressure. The 50-period SMA (blue line) is turning upward again, confirming a short-term bullish structure. Meanwhile, the 200-period SMA (red line around $3,994) remains comfortably below the price, showing the broader uptrend is intact.

This rally also broke through a series of lower highs formed during the recent pullback, suggesting that bearish control has faded. Volume spikes during the breakout add confidence to the strength of this move. If bulls sustain momentum, Ethereum could enter price discovery, targeting the $5,000 psychological level.

However, if rejection occurs at $4,860, ETH may retest the $4,400–$4,500 support zone, where the moving averages converge. The chart highlights a critical phase: Ethereum either continues its breakout toward new highs or consolidates before another attempt. Bulls clearly hold the upper hand after this explosive breakout.

Featured image from Dall-E, chart from TradingView