Quick Take
The total amount of funds allocated in open futures contracts or “futures open interest” is nearing an all-time high for Ethereum and Bitcoin in terms of notional value.
Ethereum’s open interest currently stands at $10.5 billion, aligning with it crossing the significant price threshold of $3,000.
This is particularly noteworthy as its current level mirrors that of November 2021, Ethereum’s peak at $11 billion, when the price of ETH was approximately $4,700.
Similarly, the notional value of Bitcoin is also approaching all-time highs, with roughly $22.5 billion corresponding to the same levels observed in May and November 2021, when Bitcoin traded over $60,000.
For Bitcoin, the open interest represents about 2.25% of its market cap. For Ethereum, the open interest accounts for approximately 2.77% of its market cap. Both have seen increases in the past weeks, but they are historically at an average level.
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