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Published on September 26, 2023 23:00 GMT+00:00edited on September 26, 2023 23:04 GMT+00:00

The Ethereum open interest has been on an upward trajectory that has culminated in it crossing the $5.2 billion mark. This surge is important to Ethereum’s native token ETH in a number of ways as it could point to how investors are viewing the cryptocurrency at this point.

Ethereum Open Interest Sees Rapid Rise

Data from Coinglass shows that the Ethereum open interest has risen rapidly in recent times. Over the last week, the open interest has grown, eventually crossing $5.2 billion at a time when the crypto market continues to struggle to loosen the grip of bears.

One thing about open interest is that it can point to how investors are viewing the cryptocurrency and whether they are bearish or bullish. When open interest rises, it points to investors becoming more bullish. On the other …