According to the data provided by CryptoQuant, Ethereum's open interest has hit a new record high of $19.1 billion.
The widely tracked metric refers to the total number of outstanding ETH derivative contracts that are yet to be settled or closed.
It is now steadily approaching the $20 billion mark while Ethereum (ETH) is outperforming the broader market.
According to the CoinGecko data, Ethereum (ETH) is changing hands at nearly $2,700 after adding an impressive 6% over the past 24 hours.
The combination of the significant price uptick and the rapidly growing open interest indicates that the flagship altcoin is in a bullish trend.
However, it should be noted that this is a leveraged-driven price increase. Such rallies typically do not bode well for the bulls, given that most of these price pumps are followed by a full retrace.
According to the data provided by the 100eyes Crypto Scanner, the ETH price has now approached a key resistance level.
As reported by U.Today, publicly traded company SharpLink Gaming (SBET) recently announced the launch of a $425 million Ethereum reserve strategy after securing funding from various players, including Ethereum developer Consensys.
Some have interpreted this as Consensys CEO Joseph Lubin launching the pro-Ethereum version of business intelligence firm Strategy, which is known as the largest holder of the leading cryptocurrency. However, some naysayers claim that this is just a desperate move to make it seem like there is organic corporate demand for Ethereum (ETH).
Dan Burgin
U.Today Editorial Team