Ethereum Open Interest Surges as ETH Price Dumps to $2.8K: What Does It Mean?

Ethereum’s market activity has picked up again after a sharp move to the downside. Following a drop to near $2,800, open interest in ETH futures rose by more than $653 million.

As of press time, ETH is trading at around $2,800. The asset is down 8% in the past 24 hours but remains slightly up on the week.

Open Interest Rises After Price Decline

According to analyst Maartunn, ETH open interest jumped by $653.8 million, a 4% rise, shortly after the latest dip. The price drop was met with increased futures activity, suggesting traders were quick to return. This kind of behavior is often seen during periods of volatility, when leverage is reintroduced into the market.

ETH Open Interest just jumped +$653.8M (+4.32%) after the recent dip Read Original