Ethereum has surged more than 5% in the past 24 hours, climbing above $2,860 to reach its highest price since February.
The rally comes amid rising activity in the derivatives market, signaling strong market conviction behind the move.
On-chain data suggests that rising futures interest is driving much of the market’s current enthusiasm. Open interest, which tracks the total number of active futures contracts, now sits at an all-time high. A growing open interest often signals rising confidence in future price moves.
Data from CryptoQuant shows that most of the current trading activity is concentrated on futures platforms.
According to the firm, open interest, measured in ETH, has reached an all-time high of 7.17 million ETH, equivalent to around $22 billion on derivative exchanges.
CoinGlass data further supports this trend, showing that open interest has surpassed $41 billion, marking an 8% increase over the past 24 hours.
Additionally, institutional players are becoming a larger force in Ethereum’s derivatives market. Open interest in Ethereum’s futures on the Chicago Mercantile Exchange (CME) has nearly doubled over the past month.
Furthermore, crypto analyst Chantal Lang observed that CME now commands 71% of the institutional futures market for ETH.
According to Lang, this dominance highlights how professional investors increasingly use structured strategies such as cash-and-carry to gain exposure to the asset.
These numbers reinforce the strong investor demand for ETH exposure amid the digital asset’s improving market fortunes.
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