Ethereum Open Interest Surges to $562M, Fuels Market Speculation

• Ethereum’s open interest surged to $562M, with Bybit’s ETH OI at $2.25B, reflecting strong trader engagement.
  
• Binance’s ETH trading volume hit $1.8B, Coinbase reported $900M, ensuring a stable liquidity environment.
  
• ETH traded at $3,200, with RSI at 65 and a bullish MACD crossover signaling potential gains.
  

Ethereum’s open interest (OI) has surged to $562 million, reflecting growing market engagement. This increase follows Bitcoin’s trend, though ETH’s funding rate and perpetual pricing imbalance are less extreme. Bybit’s BTC OI stands at $5.5 billion, while ETH’s is around $2.25 billion, highlighting a relatively controlled speculative environment.

According to Skew’s post on X on February 22, 2025, Ethereum witnessed notable market activity, with its OI reaching $562 million. The chart shows Ethereum’s sharp price decline, accompanied by significant liquidations. These factors suggest a purge of leveraged positions, similar to Bitcoin’s trend, hinting at continued market volatility.

Ethereum’s OI on Bybit Hits $2.25B

Ethereum’s OI on Bybit was reported at $2.25 billion, indicating substantial engagement, though less pronounced than BTC. Trading volumes for ETH remained strong across major exchanges. Binance reported a volume of $1.8 billion, while Coinbase recorded $900 million, as per CoinGecko. These figures reflect a strong liquidity environment, supporting continued trading activity and mitigating extreme price fluctuations despite increased OI and liquidations.

Source: X

The disparity in open interest suggests that Bitcoin experiences greater speculative interest, leading to more volatility. Bitcoin’s sharp price drop coincided with a steep decline in open interest on Bybit, signaling widespread leveraged position liquidations. A surge in funding rates implies heightened speculation, with expected market repricing as traders adjust to evolving conditions.

Despite ETH’s comparatively moderate market activity, its $562 million open interest signals strong trader engagement. Binance’s funding rate for ETH perpetual futures was 0.01%, indicating slight bullish sentiment. Kraken’s ETH/BTC trading pair increased by 0.5% over 24 hours, suggesting a shift in market preference.

ETH’s technical indicators show positive momentum. ETH open interest traded at $3,200, ranging from $3,150 to $3,250. The RSI stood at 65, suggesting neutral conditions, while a bullish MACD crossover hinted at potential gains, as per Coinglass. Ethereum’s current price is $2,679.94, reflecting a 2.42% increase over the past day.

Source: Coinglass

Decentralized exchanges (DEXs) also reported increased activity. ETH’s trading volume on DEXs rose 10% over 24 hours, reaching $500 million. The ETH/USDT pair on Uniswap recorded $200 million in volume, highlighting the growing interest in decentralized trading.

Read More: Ethereum’s Slow Uptrend Persists, but Is It Losing Its Market Edge?