2 key Ethereum price metrics prove pro traders are behind ETH’s new highs

As Ether (ETH) made a $2,800 all-time on April 29, so did its futures open interest. The $8.5 billion figure marks a 52% monthly increase and shows robust trading activity behind the meteoric price rise.

Some analysts might dismiss Ether derivatives, considering CME's future has $355 million in open interest compared to ‘s $2.4 billion. However, Ether contracts were only launched a couple of months ago. Both FTX and Deribit require 100% full-KYC for their clients, and these markets hold a combined $2 billion in ETH open interest.

Ether futures aggregate open interest, USD. Source: Bybt
24-hour average OKEx 3-months ETH futures basis. Source: Skew
Ether perpetual futures 8-hour funding rate. Source: Coinalyze.net