Ethereum (ETH) has experienced a significant price surge, increasing more than 5% in 24 hours to surpass $2,860, marking its highest level since February 2025. This price rally is accompanied by a historic rise in open interest on Ethereum derivatives markets, signaling strong market conviction and heightened investor activity.
On-chain and derivatives data reveal that Ethereum's open interest has reached unprecedented levels, with CryptoQuant reporting 7.17 million ETH (around $22 billion) locked in active futures contracts. Meanwhile, CoinGlass data indicates total open interest has surpassed $41 billion, reflecting an 8% increase in the last day alone.
Institutional players are increasingly influential, exemplified by the Chicago Mercantile Exchange (CME) where open interest in ETH futures has nearly doubled over the last month. Analyst Chantal Lang notes CME controls 71% of institutional ETH futures open interest, emphasizing that professionals are employing structured trading strategies, such as cash-and-carry, to gain exposure.
Ethereum's recent breakout from a 30-day trading range, combined with the derivatives activity, suggests robust capital inflows and evolving market dynamics. The surge in open interest and price is expected to impact related sectors, including decentralized finance (DeFi) and Layer 2 tokens, as well as decentralized exchanges.
Ethereum Foundation co-founder Vitalik Buterin highlighted the essential role of scalability in Ethereum's growth, particularly within decentralized finance. Historical patterns indicate that bullish momentum in ETH often leads to increased total value locked (TVL) across DeFi platforms and higher decentralized exchange volumes.
Overall, the data underscores growing institutional confidence in Ethereum's future, supporting strong demand for ETH derivatives and signaling potential volatility and opportunity in the broader ecosystem.