Ethereum Open Interest Surges to Record $19.1B Amid Bullish Momentum

Ethereum (ETH) has seen a notable surge in open interest, reaching an all-time high of $19.1 billion, according to blockchain analytics platform CryptoQuant. Open interest refers to the total number of active ETH derivative contracts that remain unsettled, reflecting rising trader activity and market engagement.

The surge comes as Ethereum trades around $2,700, marking a 6% increase in just 24 hours, per CoinGecko data. This upward momentum signals a strong bullish trend, especially as ETH outpaces the broader crypto market. However, analysts caution that the price jump appears to be heavily leveraged, raising concerns over potential volatility and retracement.

Leverage-driven rallies often lead to sharp corrections, as rapid inflows of speculative capital can trigger liquidations when resistance levels are tested. According to the 100eyes Crypto Scanner, ETH has now neared a key resistance zone, increasing the likelihood of price pullbacks if bullish momentum fades.

Adding to the bullish narrative, publicly listed firm SharpLink Gaming (NASDAQ: SBET) recently unveiled a $425 million Ethereum reserve strategy, backed by funding from major players, including Ethereum development studio Consensys. This move has been interpreted by some as a bold pro-Ethereum stance by Consensys CEO Joseph Lubin, drawing comparisons to MicroStrategy’s Bitcoin strategy.

Still, skeptics argue that such initiatives may be more about signaling market confidence than reflecting genuine corporate adoption. While Ethereum’s current rally captures investor excitement, market participants are urged to remain cautious amid rising leverage and resistance challenges.

As Ethereum’s open interest nears the $20 billion milestone, all eyes remain on whether the altcoin can sustain its momentum or if a cooldown is imminent.