Ethereum Breaks Record with Open Interest Surging Towards $20 Billion

CryptoQuant data reveals that Ethereum’s open interest has reached an all-time high of $19.1 billion, surpassing previous records. This significant surge in open interest is a testament to the growing popularity and bullish sentiment surrounding the cryptocurrency. The metric tracks the total number of outstanding ETH derivative contracts yet to be settled or closed. Ethereum (ETH) prices have climbed nearly 6% over the past 24 hours to reach around $2,700, further fueled by this high open interest. Experts attribute the price surge and growing interest to factors such as expanding DeFi applications and increasing institutional investments.