Ethereum is trading up above the key $2,700 mark, stirring a major resurgence in its derivatives market on the world's largest cryptocurrency exchange, Binance.
Per recent data from crypto analytics platform CryptoQuant, Ethereum futures activity on Binance is back on fire, surging to its highest level in nine months.
Ethereum OI reaches $6.58 billion
While the prolonged market volatility seen in the previous months has caused Ethereum futures activity to slow significantly across major exchanges, the market has witnessed a sharp reversal.
According to the data, the resurgence in Ethereum futures activity began in late August, when Ethereum's open interest on the exchange stood at about $4.8 billion.
As of September 21, the Ethereum open interest on Binance has surged to $6.58 billion from the level it was at late last month, marking a substantial increase of about 37% in less than a month.
This means that the leading cryptocurrency has added about $1.78 billion to the amount of outstanding Ethereum futures contracts over the period.
Ethereum gains momentum
While open interest represents the total value of active futures and derivatives positions opened on a specified exchange, the 37% increase seen on Binance shows that nearly $2 billion worth of new positions are being opened in the ETH derivatives market on Binance.
This reflects growing participation in the Ethereum ecosystem as sentiment on the asset continues to turn bullish, driving a major price breakout for ETH.
With the open interest surge coinciding with a rapid price increase for Ethereum, analysts predict that the asset might be on track to hitting $3,000 once again.
