Open interest for Ethereum (ETH) and Bitcoin (BTC) futures is surging as the crypto market tests new all-time highs.
Data from Skew shows that the aggregated open interest for ETH futures reached $12.6 billion globally on Wednesday, surpassing the previous high of $11.1 billion recorded on Sept. 6, 2021.
By contrast, the total open interest for Bitcoin futures currently stands at $26.4 billion, closing in on its previous record high of $27.4 billion—a number that was last seen on April 14, 2021.
Open interest in a futures market refers to the total value of unsettled trading contracts. Rising open interest serves as a bullish indicator and suggests that new money is entering the market.
The peaking open interest metric indicates that both Ethereum and Bitcoin may sustain their existing price action, with the possibility of making bigger moves in near future.
