Key takeaways:
High network activity and a record stablecoin supply signal strong demand.
Traders expect ETH to rally to all-time highs once $4,000 is broken.
Ether’s (ETH) price reclaimed the $3,800 level after dropping to $3,700 during the early Asian trading hours on Tuesday. Market analysts pointed to key data metrics that suggest that “ETH is ready to explode” to new all-time highs.
Ethereum open interest at record highs
Ether futures open interest (IO) hit a record high of $58 billion on Tuesday, indicating increased market participation and new money flowing into ETH futures contracts.
Ether futures aggregate open interest, USD. Source: CoinGlass
Aggregate OI in Ether futures has more than doubled since June 22, up 10% over the last two days. For context, three months earlier, on April 29, Ether’s OI was $20.75 billion when the price hovered around $1,800. Additionally, when Ether traded around $4,000 in December 2024, ETH futures open interest was only $31.5 billion.
Related: Evolving ETH futures data hints a potential rally to $5K
This metric just hit new record highs, suggesting increased demand for leveraged ETH positions.
“Open Interest just hit a new all-time high. The price is climbing. Leverage is stacking,” said crypto trader Merlijn The Trader in response, adding:
“This isn’t a normal breakout, it’s fuel for a vertical move. If you’re waiting for confirmation, this is the confirmation.”
ETH OI dominance has also “climbed to nearly 40%,” its highest in over two years, Glassnode wrote in part to a Tuesday post on X.
“This marks a clear shift in speculative focus, with capital rotating from $BTCto $ETH at the margin.”
#Ethereum open interest dominance has climbed to nearly 40%, its highest level since April 2023. Only 5% of days have seen a higher reading. This marks a clear shift in speculative focus, with capital rotating from $BTC to $ETH at the margin. pic.twitter.com/yNKLe9gJKt
— glassnode (@glassnode) July 29, 2025
Network activity is “through the roof”
Ethereum’s network activity continues to show strength, with active addresses increasing by 7.2% over the last…
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