Altcoin futures trading is heating up again! Open interest (OI), which basically shows how much money is bet on future price movements, is climbing back up.
A Big Jump in Open Interest
A recent report from Glassnode shows that the total open interest for major altcoins like Ethereum (ETH), XRP, Solana (SOL), and Dogecoin (DOGE) nearly hit a whopping $45 billion last week. Then it dipped a bit, but this week it’s almost back to that level – around $44.5 billion. This shows investors are getting more interested in these cryptocurrencies again.
Ethereum Takes the Lead
Ethereum was the biggest player in this recent surge. While Solana and XRP saw more stable OI, and Dogecoin stayed pretty flat, Ethereum’s OI saw the most dramatic increase and decrease. This kind of big swing could mean more volatility is coming for ETH.
Ethereum’s Dominance
Things are even more interesting in the perpetual futures market. Glassnode also reported that Ethereum’s trading volume in this market recently surpassed Bitcoin’s for the first time since the 2022 market low. This suggests a significant shift in investor focus towards altcoins.
Bitcoin’s Quiet Movement
Meanwhile, Bitcoin is just hanging out around $118,900, continuing its sideways price action.