The proportion of Ethereum open interest contracts has reached a new high, indicating increased market confidence.

According to the latest data from Glassnode, the open interest of Ethereum (ETH) in the futures market has approached 40%, reaching a new high since April 2023.

This significant growth trend not only highlights the market's ongoing interest in Ethereum, but also indicates that investors' speculative interest is gradually shifting from Bitcoin (BTC) to Ethereum (ETH).

Further analysis indicates that this situation is not common historically, as it can be seen from the chart that only 5% of trading days have open interest accounting for this level or above.

It can be clearly observed from the chart that since April 2023, the proportion of Ethereum's open interest has been on a continuous upward trend, while Bitcoin's proportion has shown relative stability.

This trend indicates that capital is continuously flowing into the Ethereum market. At the same time, as Ethereum's appeal in the futures market increases, market confidence in its future performance is also rising.

However, despite the favorable trend for Ethereum, investors need to be cautious that when the derivatives positions of a certain asset reach historical highs, it often indicates that market sentiment has entered an overheated range. Investors should closely monitor changes in capital flow and leverage levels to guard against short-term pullback risks.

Finally, do you think the record high in Ethereum holdings is a healthy value discovery or a dangerous signal of an overheated market? Leave your thoughts and insights in the comments!

#以太坊 # futures market #open interest