Compass Investments

-According to CoinGlass data, overnight open interest (OI) in ETH futures rose 6.14% to $41.66 billion, reversing a steady upward trend that began in early May when the figure was just over $21 billion. The previous highs were recorded on June 10 ($37.66 billion) and June 3 ($35.87 billion).

This growth is not isolated. Over the past 24 hours, the volume of ETH derivatives increased by nearly 33% to $109.28 billion, surpassing BTC’s $77.22 billion over the same period.

Binance led the market, with ETH OI of $7.59 billion and volume of $27.88 billion, followed by Gate with OI of $5.71 billion, and Bitget and Bybit with $4.33 billion and $3.90 billion, respectively.

otably, the ratio of long to short positions on Binance was 1.20, indicating a bullish bias, while top traders took aggressive long positions with a ratio of more than 3.0.

However, increased leverage also caused volatility. During the day, $124.5 million worth of ETH positions were liquidated: $77.6 million worth of shorts and $46.9 million worth of longs, which indicates the risks associated with such aggressive trading.

The development comes against the backdrop of a significant increase in the value of the second largest cryptocurrency by market capitalization. As previously reported, on June 11, the price of the asset peaked at $2,822, which was a 15-week high. It also broke above the resistance level of $2,700, which had been holding back growth for several weeks, and created the basis for a move to the psychological mark of $3,500.

At the time of writing, ETH is trading at around $2,766, up 4.7 percent over the past seven days and just slightly behind the overall cryptocurrency market, which is up 4.5 percent over the same time.