📈Think ETH is dead? Surging indicators show otherwise

Information to be understood:
The cumulative unclosed contracts of perpetual and regular futures contracts have soared to a record 6.32 million ETH, worth over $27 billion.
The Ethereum Options market listed on Deribit is also picking up, with over 2 million active or unclosed contracts as of the time of publication, the highest level since the end of June.
·Data shows that the revenue, fees, new wallets, and on-chain volume of Ethereum have all increased, and the activity level in the past month has increased compared to May to September.

According to data from CoinGlass, the total number of unclosed contracts for perpetual and standard futures contracts has soared to a record 6.32 million ETH, worth over $27 billion, a rise of 17% so far this month. It is said that the confirmation of the rise trend is evidenced by the simultaneous pump of unclosed contracts and prices, with the price of Ethereum rising 35% to $3,400 this month, on par with the price increase of the industry leader BTC.

It is worth noting that the premium pump may generate greater interest in cash and arbitrage trading used to capture price differences between two markets, resulting in increased funds flowing into the US-listed Spot ETH ETF. This strategy involves long positions in Spot ETF and shorting in CME futures at the same time.

✨On Wednesday, the price pump further pushed the value of Ethereum application lock-up assets to $65 billion, a number that was last seen in May 2022.

However, a large portion of it is held by three applications. The Lido protocol holds over $32 billion in locked Ethereum, the Aave protocol holds $26 billion in various assets, and the EigenLayer platform holds $14 billion in re-staked assets.

The data shows that the income, fees, new Wallet, and on-chain volume of Ethereum have all risen, and the activity level in the past month has increased compared to May to September. (These indicators are far below the peak value from the beginning of the year to now in March, when there was a high interest in ETH ETF.)

However, due to the greater appeal and lower cost of the Solana network and its applications to retail investors, it continues to dominate Decentralized Finance activities.

☀️Stable Coin data further shows that the amount of USDT hosted on the Ethereum network exceeds that on Tron. The amount of USDT hosted on the Ethereum network is $60.3 billion, while the amount of USDT hosted on Tron is $57.94 billion. This is the first time since June 2022.

Among the emotional factors, the victory of elected President Donald Trump has rekindled hope for the Decentralized Finance (DeFi) Bull Market among some investors and has brought demand for ETH.

The initiative demonstrates efforts to reduce the regulatory burden on cryptocurrencies, which may make it easier for decentralized finance platforms to operate within the United States. This commitment has been driving the rise of ETH and major decentralized finance tokens since early November.

(Source-CoinDesk)