Yeliz Akmaca 
Ethereum (ETH) open interest in futures surged to 67%, according to Glassnode data, marking a historic peak. This figure highlights a sharp increase in investor risk appetite in recent weeks. Moreover, favorable macroeconomic conditions could further expand the upcoming altcoin season. ETH’s perpetual futures volume also reached 67%, meaning two-thirds of all crypto perpetual contracts were executed in Ethereum.
Glassnode reports show that investors continue to favor high-risk positions despite rising inflation concerns in the U.S. While BTC-ETH open interest is converging, leveraged traders are showing strong preference for ETH. Bitcoin’s spot dominance stands at 59.42%, while Ethereum is at 13.62%. However, in open interest, the gap narrows: Bitcoin holds 56.7%, ETH 43.3%. This indicates Ethereum’s growing prominence among risk-seeking investors.
ETH’s Market Position and Trading Volume
The surge in Ethereum’s futures volume reflects strong investor interest in the altcoin sector. Additionally, ETH’s share of perpetual futures hit a record high, proving investors are willing to take more risks. This trend could translate into short-term price performance for Ethereum.
Glassnode notes that although Bitcoin recently reached all-time highs, Ethereum largely guided market direction. As a result, ETH’s open interest dominance increased, and investors maintained a bullish outlook. Furthermore, Fed decisions on interest rates directly influence ETH’s potential to outperform BTC. If Jerome Powell signals a move toward rate cuts at the Jackson Hole meeting, Ethereum is expected to rise faster.
In conclusion, ETH’s record open interest in futures demonstrates growing investor attention and hints at a potential altcoin season. Moreover, current market trends position Ethereum as a key focus for crypto traders in the near term.
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