On November 22, open interest (OI) in Ethereum futures surged by over 12% to an ATH of $20.8 billion, indicating bullish momentum. This was reported by CryptoQuant, according to The Block.
The metric has increased by more than 40% over the past four months, surpassing the previous peak of $17 billion in May.
Supporting the price rise of the second-largest cryptocurrency by market capitalization are positive funding rates (0.026%) and record leverage.
The latter, expressed as the ratio of OI to exchange reserves, has reached a new high of 0.4, experts noted.
CryptoQuant warned of increased leverage and a predominance of long positions, which could heighten the risk of forced liquidations amid price volatility.
On the morning of November 22, the price of the second-largest cryptocurrency by market capitalization exceeded $3400. At the time of writing, the price had retreated below $3300, showing a 1.4% decrease over the past 24 hours.
Earlier, on November 15, the daily on-chain transfer volume in Ethereum (7 DMA) reached a year-to-date high of $7.13 billion. From November 9 to 15, ETH-ETF saw record inflows of $515.2 million.