Ethereum’s futures open interest hit a new all-time high, but data shows this feat is usually followed by an ETH price crash.
Ether (ETH) gained 8.8% between Oct. 14 and 15, but the $2,650 resistance level proved more challenging than anticipated. Traders have become increasingly concerned that Ether’s aggregate futures open interest reaching an all-time high on Oct. 16 could be a warning flag.
This surge in demand for leveraged ETH positions typically precedes severe price corrections. The aggregate Ether futures addressable market surpassed 5 million ETH for the first time ever on Oct. 15, representing a 12% increase from four weeks prior.
Ether futures open interest since 2020, ETH. Source: CoinGlass
